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2022 (4) TMI 801 - AT - Income TaxRevision u/s 263 - As per CIT AO has not examined the sale consideration as per section 56(2) - case was reopened u/s. 147 - assessee had purchased an immovable property along with six other members, however, the assessee did not disclose the same in his return of income - HELD THAT:- As notice under section 148 of the Act and after considering the submissions of the assessee, the Assessing Officer has completed the assessment under section 143(3) r.w.s. 147 of the Act dated 14.12.2017 by accepting the income returned after examining the purchase deed and source of purchase of immovable property. Subsequently, the ld. PCIT issued show-cause notice under section 263 of the Act on the ground that the assessment order is erroneous and prejudicial to the interest of Revenue since the assessee has not offered the revised stamp duty value of the immovable property purchased as “income from other sources” as per section 56(2) - ongoing through the relevant provisions, we find that the relevant assessment year under consideration is 2013-14 and the provisions of section 56(2)(vii)(b) was introduced in the Finance Act, 2013 w.e.f. assessment year 2014-15. Therefore, we are of the opinion that the provisions of section 56(2)(vii)(b) of the Act has no application to the assessment year 2013-14 under consideration and accordingly, the revision order passed under section 263 of the Act is quashed. For AY 2014-15 assessee has not offered the revised stamp duty value of the immovable property purchased as “income from other sources” as per section 56(2) - Against the show cause notice issued, the assessee has neither appeared nor furnished any written submission and accordingly, while setting aside the assessment order, the ld. PCIT directed the Assessing Officer to redo the assessment. Since the provisions of section 56(2)(vii)(b) of the Act applies with effect from the assessment year 2014-15 and the assessment year under consideration is also 2014-15, we are of the opinion that the ld. PCIT has rightly invoked the provisions of section 263 of the Act and directed the Assessing Officer to redo the assessment. Thus, we find no infirmity in the order passed by the ld. PCIT under section 263 of the Act. Thus, the ground raised by the assessee is dismissed.
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