TMI Blog2021 (9) TMI 594X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment proceedings was not examined by the Principal CIT in its entirety and objectivity. The allocation was made on the basis of the rates adopted for stamp duty purposes and if on the said basis the allocation of the composite sale consideration has been made, such a fact cannot be ignored and cannot be said to be an erroneous judgment of the Assessing Officer. It is one of the basis on which such valuation can be accepted. It is not the case that the total value as per stamp duty purposes as per section 50C was more than what was adopted for the different capital assets being sold. The assessment order appears to have been made after due consideration of the material. In this view of the matter, the material on record and the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are that the assessee submitted return of income on 30.9.2015 declaring income of ₹ 18,93,650 and the original assessment was completed u/s. 143(3) of the Act on 29.12.2017 at total income of ₹ 37,92,518/-. Subsequently a rectification order was passed u/s. 154 on 26.4.2018 rectifying the income to ₹ 35,87,112/-. 3. The assessee during the year had sold certain industrial land, factory building and agriculture land. On sale of land being long term capital gain was shown, and on factory building and plant and machinery being depreciable asset the computation of gain on transfer of such asset was made as per section 50 of the Income Tax Act. On sale of agriculture land it was claimed that the same was not falling within t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r: a. Industrial Land 8906.32 sq.mts. X 1992 per sq. mts. 1,77,41,389/- b. Agriculture land [2.65 X1936 sq.yards X9] (46173.60 sq. fts. X 380 sq. fts) 1,75,45,968/- Other assets : RCC Construction 1% Depreciation each year 2280X 600 Stone Patti 1 % Depreciation each year Tinsheet 20718 fts. X .0929 + 1924.70 X 1500 Boundary Wall 333 Running mts. X 300 Less Depreciation 13,68,000/- 8,36,800/- 28,87,053/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... possible view, such order cannot be said to be erroneous or prejudicial to the interest of revenue. The assessee also referred to various other judicial decisions also which were also considered. 8. On the other hand, the ld. CIT-DR has relied on the order of the ld. PCIT. 9. We have considered the rival submissions and perused the material on record. Indisputably, the power of revision of orders passed by the AO under S. 263 of the Act is in the nature of supervisory jurisdiction which is permissible to be exercised only when the two circumstances specified therein are satisfied; (i) the order passed by the AO is erroneous and (ii) on account of order being erroneous, prejudice has been caused to the interest of revenue. In the insta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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