NAVINCHANDRA K. PATEL,SURAT vs. PRINCIPLE COMMISSIONER OF INCOME TAX -1 , SURAT, SURAT
In the result, appeal filed by the assessee is allowed
ITA 57/SRT/2021[2015-16]Status: DisposedITAT Surat10 Feb 2023AY 2015-16
Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita No.57/Srt/2021 Assessment Year: (2015-16) (Physical Court Hearing) Navinchandra K. Patel, Vs. The Pcit-1, Surat. 5, Kaaliytawadi Faliya, At Post Saniya Hemad, Surat-395006. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Birpp6292D (Appellant) (Respondent) Assessee By Shri Sapnesh Sheth, Ca Respondent By Shri Ritesh Mishra, Cit(Dr) Date Of Hearing 02/02/2023 10/02/2023 Date Of Pronouncement आदेश / O R D E R Per Dr. A. L. Saini, Am: Captioned Appeal Filed By Assessee, Pertaining To Assessment Year (Ay) 2015-16, Is Directed Against The Order Passed By The Learned Principal Commissioner Of Income Tax, Surat (In Short “Ld. Pcit”], Under Section 263 Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”), Dated 31.03.2021. 2. The Grounds Of Appeal Raised By The Assessee Are As Follows: “1. On The Facts & Circumstances Of The Case As Well As Law On The Subject, The Learned Pr. Commissioner Of Income-Tax Has Erred In Passing Revisionary Order U/S 263 Of The I.T. Act Setting Aside The Order Of Ld. Assessing Officer Passed U/S 143(3) Of The Act Dated 24.11.2017 For The Year Under Consideration Although Said Order Is Neither Erroneous Nor Prejudicial To The Interest Of Revenue. 2. On The Facts & Circumstances Of The Case As Well As Law On The Subject, The Learned Pr. Commissioner Of Income-Tax Has Erred In Observing That Order Passed By Assessing Officer U/S 143(3) Of The Act Is Erroneous On The Ground That Indexed Cost Of Acquisition Of Property Is Under Assessed By Rs.2,12,58,035/-. 3. On The Facts & Circumstances Of The Case As Well As Law On The Subject, The Learned Pr. Commissioner Of Income-Tax Has Erred In Observing That Order
Section 143(3)Section 263Section 54BSection 54F
house property at Palsana district at “Avadh Shangrila” for a consideration of Rs.44,48,230/- on 16.10.2015 and paid Rs.10,00,000/- on 18.09.2014 and the balance amount of Rs.32,00,000/- was paid (Rs.16,00,000/- on 28.09.2014 and Rs.16,00,000/- on 30.09.2015) i.e. after the due date (i.e. 07.09.2015 for AY.2015-16) of furnishing of return of income
