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2023 (7) TMI 602 - AT - Income TaxRevision u/s 263 - wrongful Capital gain computation - non-consideration of the sale value of the property as per Section 50C and wrong allowance of indexation of cost of acquisition of the property by AO - HELD THAT:- On perusal of the original assessment order passed by AO is a very cryptic order without any details and discussion on any of the enquiries made by the AO. AO simply accepted the returned income filed by the assessee as the assessed total income. As further seen from the assessment order the case was selected for complete scrutiny for the reason of no capital gains with respect to sale consideration and also less sale consideration reported in Form 26QB by the assessee. Assessment Order does not describe whatever the kinds of enquiries made and how he is satisfied with the returned income made by the assessee. When the Ld. PCIT proposed to revise this Assessment Order on two counts namely non-consideration of the sale value of the property as per Section 50C and the second issue namely wrong allowance of indexation of cost of acquisition of the property by issuing the show- cause notice. After considering the detailed reply filed by the assessee and the revised Long Term Capital Loss by the assessee the Ld. PCIT has fairly dropped the revision proceedings on the application of Section 50C in the computation of capital gain. Regarding the second limb of the notice namely non- application of cost inflation indexed by the assessee. PCIT has clearly brought out from the registered Sale Deed dated 25.06.2016 that a sum was paid by the assessee as early as 18.03.2010 by various cheques numbers drawn of Bank of Baroda all dated 18.03.2010 and is adjusted against the sale consideration. However, remaining balance amount was paid by two cheques drawn on HDFC Bank dated 22.07.2016 to the assessee. It is further seen from the Registered Sale Deed that the above amount was given at the time of Banakhat. However, the assessee claims the same sum as loan transaction which is an independent transaction between the same parties is not proved by the assessee with proper documentation and evidences. In the absence of the same, we do not find any merits in the arguments of the assessee. As further seen from the Revision Order the assessee has not made the claim of Stamp Duty expenses which is also been directed by the Ld. PCIT to be allowed, after due verification by the AO, during the fresh assessment proceedings. Thus, it could be seen that the Revision Order passed by the Ld. PCIT is a well judicious order and also giving proper opportunity to the assessee de novo proceedings. For the above reasons, we do not find any in infirmity in the order passed by the Ld. PCIT and therefore, the grounds raised by the assessee does not found any merits and therefore, the same are rejected. Appeal filed by the assessee dismissed.
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