2025 (10) TMI 215

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....urisdiction under Section 263 of the Income-Tax Act, 1961 [hereinafter referred to as "the Act" for short] for Assessment Year (AY) 2021-22. 2. The assessee, in this appeal, has contested the very validity of the impugned revision order of the Ld. PCIT u/s 263 of the Act. 3. The brief facts of the case are that the assessee is an individual and had filed his return of income declaring total income of Rs. 48,10,920/-. His source of income was from salary, house property and other sources. The assessee's return of income was selected for compulsory scrutiny u/s. 143(3) of the Act. 3.1. During the course of assessment proceedings, the Assessing Officer (AO) noted that a search action was conducted on the Nila Sambhav Group (real estat....

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....agreed between him and Shri Manoj B. Vadodaria and further that the sale consideration was agreed at Rs. 3,21,00,000/-. He, however, submitted that only an amount of Rs. 1,56,00,000/- was paid by Shri Manoj Vadodaria to him which was paid through banking channel and TDS was duly deducted thereupon. That the balance amount was pending and, hence, not received by the assessee. That there was mutual agreement to the effect that the assessee would get Non-Agriculture (NA) permission for the said land. But due to delay in getting NA permission and because of some legal issues, the deal was cancelled on 03/01/2022 and the total amount paid by Shri Manjo Vadodaria was returned to him. The assessee also furnished the ledger account of Shri Manoj Va....

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....the assessee was found to have received the cash consideration of Rs. 1.92 crores as per MOU dated 02/04/2019. He observed that the said amount was not likely to be declared in regular accounts by the assessee. He observed that in view of the facts and circumstances of the case, the assessment order passed by the AO dated 15/12/2022 was without making the necessary examination/ verifications/enquiries on the abovementioned issue and, accordingly, he held that the said assessment order as erroneous and prejudicial to be interests of the revenue. He set aside the impugned assessment order dated 15/12/2022 and the matter was restored to the file of the AO for examining the above issue in detail. 5. Being aggrieved by the order of the Ld. PC....