2025 (4) TMI 41

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..... CIT-DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. By way of this appeal, the assessee question to correctness of revisionary jurisdiction as exercised by Ld. Pr. Commissioner of Income Tax for AY 2018-19 vide impugned order dated 12-03-2024 proposing revision of an assessment framed by Ld. AO u/s 143(3) on 08-04-2021. After hearing vehement arguments of both the sides, the appeal....

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.... could not be found. Therefore, since the transaction was done as per Court order, the excess stamp duty value was not offered as income from other sources. The Court order was as per settlement agreement between landlord and assessee tenant. Thus, the agreed value of Rs. 46.50 Lacs was as per mutual agreement and not as per court order. The Ld. AO without making any enquiry and verifying the fact....

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....sessee filed a detailed reply giving all the particulars and by furnishing explanation regarding sale consideration. The copy of order of Civil Judge-4, Agra was also furnished along with various other relevant documents. Considering all these aspects / submissions, Ld. AO accepted the claim of the assessee and chose not to make any such addition on this account. In our view, Ld. AO had taken one ....

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....amp duty valuation. This being the case, the revision of the order could not be held to be justified. Lastly, Hon'ble High Court of Madras in the case of CIT vs. Smt. Padmavathi (TCA No.350 of 2020 dated 06-10-2020), on similar facts, considered the effect of the guideline value fixed by the State Government and observed that there are long line of decisions of the Hon'ble Supreme Court holdin....