TMI Blog2022 (10) TMI 648X X X X Extracts X X X X X X X X Extracts X X X X ..... inal assessment proceedings that the AO has examined the complete details before passing a speaking order on the very issue. From the assessment order, it can be gathered that the AO has formed an opinion and a view is taken which is one of the possible view. Admittedly, the assessee purchased one property at Medavakkam Main Road in 1998 for a sum which includes the building cost. Before construction of residential house on this property, the assessee has to demolish this building and accordingly, the building was demolished in 2012 but assessee has purchased this land along with residential building. Hence, it cannot be a case of Short Term Capital Gain as directed by PCIT. Therefore, we find no infirmity in the order of AO accepting the L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 022 vide order dated 10.01.2022. In term of the directions of Hon'ble Supreme Court, we condone the delay in filing of this appeal by assessee and admit the appeal for adjudication. 3. The only issue in this appeal of assessee is against the revision order passed by PCIT with direction to AO to redo the assessment after considering the part of sale consideration of Rs. 98 lakhs as Short Term Capital Gain. For this, assessee has raised various grounds numbering 18, which are exhaustive, argumentative and hence, need not to be reproduced but limited to one issue only. 4. Brief facts are that the assessee sold one property at Medavakkam Main Road, Kilkattalai for a sum of Rs. 3.26 crores vide sale deed dated 12.03.2015. This property ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .03.2015 as Land at Nanmangalam which is also not verified by the Assessing Officer. and also observed From the above, it is clear that assessment order passed by the AO is erroneous insofar as the applicability of deduction u/s. 54F and sources for the purchase of land and construction therein are not properly examined/scrutinized by the AO which is prejudicial to the interest of revenue. It is, therefore, proposed to exercise revisionary powers conferred under Section 263 of the Act, by adding the differential amount in the above mentioned head in your assessed income. 4.1. The PCIT consequent to the above show cause notice finally directed the AO to consider the capital gain for an amount of Rs. 98 lakhs as Short Term Cap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of mind and enquiry, and hence in my considered opinion the assessment order so passed is both erroneous and prejudicial to the interest of the revenue. Accordingly, the assessment order is hereby set aside u/s. 263 of the Act, with a direction to the Assessing Officer to examine the issues, as discussed in the order, during the Accounting Year in question and pass a fresh order after granting opportunity to the assessee, within stipulated time. The assessee can furnish documents which were not available at the time of assessment in the records of the Assessing Officer for fresh examination. Aggrieved, now assessee is in appeal before the Tribunal. 5. We have heard rival contentions and gone through facts and circumstances of the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the ld. CIT-DR, Shri M. Rajan supported the revision order passed by PCIT. 7. We noted from the assessment order and the relevant details filed by the assessee before AO during original assessment proceedings that the AO has examined the complete details before passing a speaking order on the very issue. From the assessment order, it can be gathered that the AO has formed an opinion and a view is taken which is one of the possible view. Admittedly, the assessee purchased one property at Medavakkam Main Road in 1998 for a sum of Rs. 3,74,380/- which includes the building cost of Rs. 3,10,540/-. Before construction of residential house on this property, the assessee has to demolish this building and accordingly, the building was demolish ..... X X X X Extracts X X X X X X X X Extracts X X X X
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