TMI Blog2023 (4) TMI 896X X X X Extracts X X X X X X X X Extracts X X X X ..... r towards non taxability of any LTCG on purported sale is found plausible then the act of the Assessing Officer cannot be regarded as erroneous per se and consequently the jurisdiction of ld. Pr.CIT would be automatically ousted. In the reverse, if the opinion formed by the Assessing Officer is wholly incongruent with the scheme of the Act, the Pr.CIT shall be within its right to usurp jurisdiction under Section 263. As undisputed although the property was purchased in the name of the assessee-wife, the purchase consideration were paid by the husband of the assessee at the time of purchase of land in December, 1999. The sale deed was executed to handover the agricultural land back to husband for which no consideration whatsoever was rece ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the revisional order dated 27.12.2018 passed by the Principal Commissioner of Income Tax, Ghaziabad under Section 263 of the Income Tax Act. 2. The assessee has challenged the revisional order passed by the Ld. Pr.CIT as per the grounds noted herein. 1. That the impugned order passed u/s. 263 of the Income Tax Act 1961 is bad in law and needs to be set aside. 2. That there were no provision to issue multiple notices u/s. 263, which is illegal and against the provisions of the the Act . 3. That the provision of the section 151(2) was not complied with and impugned order based on the illegal assessment order is itself illegal. 4. That impugned order was passed without considering the documents available on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 09.12.1999 at a purchase consideration of Rs.1,52,000/- in the name of assessee whereas the entire payment was made by husband namely, Shri Pramod Kumar Goel. The subsequent sale deed has been entered into with a view to restore the said property in the name of husband which actually belonged to the husband all along and the assessee committed a mistake in executing sale deed instead of gift deed. No consideration was paid by the husband to the assessee for such restoration of rights in property. The Assessing Officer after taking note of the facts and circumstances, framed the re-assessment order dated 17.08.2016 under Section 143(3) r.w. Section 147 of the Act. Significantly, the Assessing Officer in the re-assessment order further not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt order. We have also perused the material referred to and relied upon by both the sides. 8. In the revisional order, the Pr.CIT has assailed the assessment order on the ground that LTCG arising on transfer of agriculture land by assessee to her husband is liable to taxation which has been erroneously not done by the Assessing Officer resulting in prejudice to the interest of revenue. In the course of hearing, it is seen from the record placed that the issue disputed by the Pr.CIT in the revisional proceedings was subject matter of intense examination by the Assessing Officer. In fact, in the re-assessment proceedings, the case of the assessee was reopened for inclusion of Long Term Capital Gains for its taxability. Detailed inquiries w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee, it is an undisputed position that although the property was purchased in the name of the assessee-wife, the purchase consideration were paid by the husband of the assessee at the time of purchase of land in December, 1999. The sale deed dated 27.12.2008 was executed to handover the agricultural land back to husband for which no consideration whatsoever was received by the assessee. The only mistake committed was that instead of execution gift deed a sale deed was executed to restore the legal rights of husband. In essence, it is the case of the assessee that sale deed is nothing but gift deed intended to transfer the land as vouched by lack of consideration and in view of the attendent circumstances. This fact was brought ..... X X X X Extracts X X X X X X X X Extracts X X X X
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