2022 (1) TMI 836

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....dappaji, CIT ORDER Per V. Durga Rao , Judicial Member This appeal filed by the assessee is directed against the order of the ld. Principal Commissioner of Income Tax-6, Chennai dated 10.02.2020 relevant to the assessment year 2015-16. 2. The short issue involved in this appeal is whether the assessment order passed by the Assessing Officer is erroneous or prejudicial to the interest of....

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....received for inadequate consideration. Accordingly, vide letter dated 18.12.2017, the assessee has gave a detailed reply that the assessee has purchased a flat in Adyar for a consideration of Rs. 1,00,00,000/-. It was stated that the above amount represents the market value of the property and the assessee has not paid any amount more than the said consideration stated in the document. The Sub-Reg....

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....rence between the guideline value and market value is less than 10%. The Assessing Officer, by considering the alternative submissions of the assessee, completed the assessment under section 143(3) of the Act. 3. Subsequently, by exercising the power conferred under section 263 of the Act, the ld. PCIT has issued a notice to the assessee and passed revision order under section 263 of the Act da....

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....he Act. 5. On the other hand, the ld. DR dutifully relied on the order passed by the ld. PCIT. 6. We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. We find that the Assessing Officer has examined the entire issue during the course of assessment proceedings. It is very clear from the assessment order itself. That apart, t....