TaxTMI 
TaxTMI 
2019 (6) TMI 985
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.... Wherein as per facts and circumstances of the case, Pr. Commissioner has erred in law in assuming jurisdiction while passing the order under section 263, more so when the assessment order passed under section 143(3) is neither erroneous nor prejudicial to the interests of Revenue. 2. Erred in not considering the submissions and genuineness of the transaction. Wherein as per facts and circumstances of the case, transaction was genuine and order passed under section 143)3_ should not be cancel by the Pr. Commissioner of Income Tax and it is without prejudicing the ground of appeal mentioned in 1. 3. Brief facts are, the assessee is an individual. He derives income from remuneration received from Maruti Air Couriers and Cargo Pvt. Ltd.....
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....of the aforesaid provision as a result of which the assessment order is not only erroneous but also prejudicial to the interests of the Revenue. Accordingly, he issued a show cause notice to the assessee to explain why the assessment order should not be set aside. In response to the show cause notice, though, the assessee filed his reply stating that the assessment order passed is neither erroneous nor prejudicial to the interests of Revenue, since, the Assessing Officer, while completing the assessment, had enquired into the purchase of shops by the assessee, however, learned Principal CIT, rejecting the submissions of the assessee, held the assessment order to be erroneous and prejudicial to the interests of Revenue, as the Assessing Offi....
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....has rightly exercised his power under section 263 of the Act to revise the assessment order. 6. We have considered rival submissions and perused the material on record. From the facts and materials available on record it is evident that the value of the two shops purchased by the assessee as determined by the stamp duty valuation authority for stamp duty purpose is in excess of the declared sale consideration mentioned in the registered sale deed. The aforesaid factual position remains uncontroverted as the learned Authorised Representative accepted the aforesaid fact. As per section 56(2)(vii)(b)(ii) of the Act, brought to the statute by Finance Act, 2013, w.e.f. 1st April 2013, if the stamp duty value exceeds the declared sale considerat....