2025 (6) TMI 1703

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The Hon. Pr. CIT erred in holding the order framed by the ld. AO u/s 143(3) r.w.s. 144B of the I. Tax Act on 26.12.2022, to be erroneous and prejudicial to the interest of revenue and accordingly the assumption of jurisdiction by the Hon. Pr. CIT u/s 263 of the I.T Act, 1961 is unjustified and therefore not valid. 2. The Hon. Pr. CIT erred in setting aside to the file of the assessing officer, the assessment framed u/s 143 (3) r.w.s. 144B of the I. Tax Act, 1961 on 26.12.2022, by relying upon the provisions of sec. 263 of the I. Tax Act, 1961, directing the Id AO to examine the applicability of section 56(2)(x)(b)(B)/section 50C to the transaction of purchase of flat no.3602 at Planet Godrej, Mahalaxmi (E), Mumbai vide agreement dt....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... ***This space has been left blank intentionally; P.T.O.*** 6. We have given a thoughtful consideration to the aforementioned showcause notice. After going through the facts on record, we are of the considered view that the ld. Pr. CIT has assumed jurisdiction on wrong appreciation of facts. The impugned property was purchased by the assessee on 03/08/2021 falling in FY 2021-22 relevant to AY 2022-23 whereas the impugned assessment year is AY 2021-22. 7. All the apprehensions raised by the ld. Pr. CIT in justifying that the assessment order dated 26/12/2022 is erroneous and prejudicial to the interest of the revenue may be relevant for AY 2022-23 and not for the year under consideration. Since the assumption of jurisdiction is....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....eration amount by more than 10% of the consideration, the differential amount is chargeable to income tax under the head 'Income from Other Sources'. 4. The purchase price of the property is for Rs.5,32,50,000/- while the value determined by the Stamp Valuation Authority is at Rs.5,91,49,665/ -. i. Stamp Duty Value Rs.5,91,49,665/- il. Sale Value Consideration Rs.5,32,50,000/- iii. 10% of the Consideration Rs. 53,25,000/- iv Sale Value Consideration+ Document 2 10% of consideration (ii + iii) Rs.5,85,75,000/- Thus, Stamp Duty Value of Rs.5,91,49,665/- is more Rs.5,85,75,000/- (i.e.10% of consideration plus sale value consideration ). In view of these facts, the difference between the value determined by the Stamp Valua....