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of The Appellate Tribunal examined the validity of an order passed u/s 143(3) by the Assessing Officer (AO), which was revised by the Principal Commissioner of Income Tax (PCIT) u/s 263. The key issues were the applicability of Section 43CA (transfer pricing provisions) on sale of flats, late payment of employees' provident fund and ESI contributions, and the applicability of Sections 269SS and 269T (cash transaction restrictions). Regarding Section 43CA, the Tribunal found that the AO had duly examined the issue and accepted the assessee's explanation for the difference between sale consideration and stamp duty valuation, except for one case where the difference exceeded 10%. Thus, the PCIT was unjustified in invoking Section 263. On late payment of PF and ESI, the assessee had deposited the contributions before the due date for filing the return. The PCIT's reliance on a subsequent Supreme Court decision was incorrect, and hence, the invocation of Section 263 was unjustified. Concerning Sections 269SS and 269T, the Tribunal held that the provisions were not applicable for certain transactions involving interest, cancellation of bookings, and repayments through banking channels. Therefore, the PCIT's invocation of Section 263 on this ground was also unjustified.
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