9911796707
TMI Blog2023 (6) TMI 573X X X X Extracts X X X X X X X X Extracts X X X X ..... of the case are that the assessee filed his return of income for the relevant year on 30.6.2016, which was selected for complete scrutiny in view of large exempt income. The assessment was completed assessing the total income at Rs. 129.86 lakhs. The learned Pr. CIT, on an examination of record, found that no enquiry in a matter, which prima facie warranted enquiry, was made. The assessee, it was observed by him, had purchased land admeasuring 18.54 ares for Rs. 139.18 lakhs during the relevant year, even as its' fair market value (FMV), going by the stamp valuation, i.e., the price fixed by the State Government for the purpose of levy of stamp duty, was at Rs. 215.21 lakhs, i.e., at Rs. 76.03 lacs higher. The provision of section 56(2)(vi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s sub-clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property; The assessment was accordingly set aside by him for de novo consideration, and making an assessment in accordance with law per a speaking order. 3. We have considered the rival contentions, and perused the material of record. The assessee's first objection before us, adverting to the notice u/s. 263(1) of the Act dated 25.01.2021 by the ld. Pr. CIT, was as to the absence of jurisdiction in as much as the said notice was not a valid notice, having been issued wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iling the specific grounds on which revision of the assessment order is tentatively being proposed. Such a notice is not required. There is nothing in the section to raise the notice to the status of a mandatory show-cause notice affecting the initiation of the exercise in the absence thereof or to require the Commissioner to confine himself to the terms of the notice and foreclosing consideration of any other issue or question of fact. This is not the purport of section 263.' Both these attributes of putting the assessee to notice as well as extending due opportunity of hearing, are met in the instant case, i.e., the assessee being communicated the fact of initiation of section 263 proceedings, and also extended due opportunity of hearing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TR 381 (Ker). 5. It is then said that 'purchases' do not amount to 'receipt', and that the matter ought to have been referred by the ld. Pr. CIT to the Valuation Officer (DVO). We are unable to appreciate the import of the said objection. The revisionary autnority has not adjudicated on merits of the matter, but only set aside the assessment, directing the AO to examine it afresh, and decide in accordance with law. All contentions are open for being made before the assessing authority, and the assessee can make out a case of it being, despite apparent, undenied difference in value, not a case of under-valuation or falls under the provisos to the provision. The stamp value is a prima facie evidence, available with the Revenue, of the value ..... X X X X Extracts X X X X X X X X Extracts X X X X
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