TaxTMI 
TaxTMI 
2022 (7) TMI 1303
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....he grounds raised in these appeals are common, these appeals are clubbed, heard together and a common order is being passed for the sake of convenience as under. 2. Brief facts of the case are that the assessee is an individual, e-filed her return of income, admitting total income at Rs.7,65,730/- for the A.Y.2013-14. Subsequently, the case was selected for scrutiny under CASS and the assessment u/s 143(3) was completed and order passed on 28.01.2016, determining total income of Rs.9,60,730/- by disallowing an amount of Rs.95,000/- towards other expenditure and Rs.1,00,000/- towards personal drawings. Subsequently, the case records were called for and examined by the Ld.Pr.CIT and the Ld.Pr.CIT set aside the assessment order dated 28.01.20....
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....residential properties amounting to Rs.66,577/- (33600+32977). As per the provisions of sec.54F "exemption shall be available only when the assessee does not own more than one residential property on the date of transfer of such asset exclusive of the one which he has bought for claiming exemption u/s54F". Thus, held that the assessee is not eligible for exemption u/s 54F of the Act amounting to Rs.55,45,275/- and directed the AO to disallow the claim of deduction u/s 54F of the Act. Hence, issued a detailed show cause notice and served on the assessee, calling for objections, if any against the proposed revision of the assessment. In response to the notice, the assessee filed written submissions with evidences provided during the assessme....
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....o the interest of revenue. 3. The learned Principal Commissioner of Income Tax is not justified in observing that the appellant is not entitled for exemption u/s 55,45,275/- u/s 54F of the Act. 4. The learned Principal Commissioner of Income Tax ought to have appreciated that the assessing officer conducted enquiries in respect of the above issue and as such it is not a case of lack of inquiry to enable the learned Principal Commissioner of Income Tax to invoke the provisions of section 263. 5. Any other ground that may be urged at the time of appeal hearing. 4. Ground No.1 and 5 are general in nature which does not require specific adjudication. 5. Ground No.2 to 4 are related to revisional proceedings u/s 263 of the Act . The Ld.C....
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...., therefore, pleaded that the order passed by the Ld.Pr.CIT u/s 263 dated 24.03.2021 is not valid in the eyes of law since the AO has examined and followed all the directions given by the Pr.CIT and passed the assessment order. Hence, the Ld.AR submitted that the order passed u/s 263 dated 24.03.2021 is not valid and pleaded that the order be quashed. 6. On the other hand, the Ld.DR argued that since the AO has not complied with the directions of the Ld.Pr.CIT, thus, proceedings u/s 263 were initiated again. Therefore, the order passed u/s 263 dated 24.03.2021 is valid under law and pleaded that the order passed u/s 263 dated 24.03.2021 be confirmed. 7. We have heard both the parties and perused the material placed on record. Admittedly, ....