2025 (3) TMI 2199

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....ause notice dated 25.05.2019 issued on dead person namely Shri Jagdish Prasad Agarwal who was dead on 29.03.2019 is invalid and consequential order passed under section 263 of the Income Tax Act, 1961 is vitiated and liable to be declared as invalid. 2. BECAUSE the order dated 07.12.2017 passed by the learned Income Tax Officer, Ward-1(3), Ghaziabad under section 143(3) was not erroneous within the meaning of provision of section 263, therefore the learned Principal Commissioner of Income Tax has exceeded his jurisdiction in exercising his revisionary power under section 263. 3. BECAUSE the appellant's case was selected for limited scrutiny under CASS for the reason 'Purchase of property. The learned assessing offi....

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....r dated 07.12.2017 under section 143(3) of the Act. 2.1 On perusal of case records, Ld. PCIT observed that during the under consideration a residential property was purchased for Rs. 1,22,00,000/- by the assessee alongwith other three family members, namely (i) Smt. Devki-Agarwal (wife), (i) Shri Manish Singhal (Son), and (iii) Shri Piyush Singhal (son). Copy of sale deed available an record suggests that the assessee has one-fourth share in the said property and as such Rs. 30,50,000/-, being one-fourth of the sale consideration, was shown by him as purchase price in his hands./It is gathered from the sale/purchase deed executed on 28.04.2014, that the circle rate of the property in question was Rs. 1,62,50,000/- and as such the differe....

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....scretion to seek approval of the PCIF to convert the Limited Scrutiny into a full scrutiny so as to examine matters and issues beyond the scope of Limited Scrutiny. (iv) Your Honour would, therefore, appreciate that the order passed by the Ld. Assessing Officer on the scope and matter covered under Limited Scrutiny is a speaking order under section 143(3) of the Income Tax Act, 1961 after due discussion and deliberation and can by no stretch of imagination be considered as erroneous or prejudicial to the interest of revenue. (v) Your Honour is, therefore, very kindly requested to drop the proceedings under section 263 of the Income Tax Act, 1961." 2.2 Ld. PCIT was not satisfied with the aforesaid reply of the assessee a....