2021 (11) TMI 1229

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dent : Shri Balakrishna. (CIT-D.R.) ORDER Per Shri S.S. Godara, J.M. These two assessees' appeals for Asst. Year 2012-13 arise from the separate orders of Principal Commissioner of Income Tax-3, Hyderabad dt.24.01.2017 & 7.2.2017 passed in case F.No. 10/Pr. CIT-3/263/16-17 and 10/Pr.CIT-3/263/16-17 in proceedings under Section 263 of Income Tax Act, 1961 ('the Act'); respectively. Hear....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....essing Officer had examined or enquired the applicability of section 50C of the Act as well as the second aspect of allowability interest expenditure for computing LTCG. 5. Learned counsel strongly argued that the Assessing Officer had rightly not invoked 50C addition going by the SRO price since there were many distressing factors; mainly including location of the lands in issue for not making....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....f computing capital gains. 7. The Revenue has strongly supported the PCIT's revision direction herein. 8. We have heard rival contentions and find no merit from the assessee's stand. This is for the reason that we have ourselves summoned and perused the corresponding assessment files made available by the department wherein there is not even a slight indication of the Assessing Officer h....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....roneous one causing prejudice to the interest of revenue. Hon'ble apex court lastly concluded that such a non-enquiry itself by the Assessing Officer during the course of assessment indeed attract exercise of revision jurisdiction. We thus hold in this factual backdrop that the PCIT herein has rightly concluded the Assessing Officer not to have carried out any enquiry(ies) regarding the foregoi....