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2023 (12) TMI 535 - AT - Income TaxRevision u/s 263 - assessee was not a party to the original agreement to sale assessee - As per CIT AO passed his assessment order without examining the applicability of Section 56(2)(x) of the Act for non-examination of the said issue - assessee along with other persons purchased immovable property - assessee is having 7% share in the said sale deed out of ten co-owners - CIT revised the assessment order only by taking view that since the assessee was not the party to the original agreement and no payment / part payment at the time of execution of agreement was given therefore assessee is not eligible for the benefit of first and second proviso to Section 56(2)(x)(b) - Whether if a person who was not a party to the agreement to sale and has not paid any consideration or part consideration by way of cheque other than cash at the time of execution of such agreement can still be eligible for the benefit of first and second proviso of Section 56(2)(x)(b) of the Act.? - HELD THAT:- We find that Co-ordinate Benches of Mumbai Tribunal in the case of Sulochana Saijan Modi [2023 (5) TMI 1099 - ITAT MUMBAI] while considering almost similar set of facts, wherein part payment of transaction was made by son of the assessee, who was joint holder of the property, the Tribunal accepted the submission for granting benefit of first and second proviso to Section 56(2)(x)(b) - We further find that in the present case, the part sale consideration was paid by Shri Umeshbhai P Patel, Sanjaybhai Tulshibhai Mangukiya and Karamshibhai Khimjibhai Mangukiya. We find that one of the assessee in these appeal that is Rajesh Bhai is the son of Parshottambhai C Patel. And Nayan Bhai is the cousin of Rajesh Bhai. Admittedly part consideration of the transaction was either paid by family members or by close relatives. Therefore, we are also of the considered view that while accepting returned income considered by Assessing Officer has not committed any error. Therefore, the assessment order cannot be branded as erroneous. Thus, twine condition, for invoking Section 263 of the Act are not met out in the present case. This ground of assessee’s appeal is allowed.
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