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2015 (12) TMI 696 - ITAT HYDERABADRevision u/s 263 - CIT(A) revising the assessment order passed under section 143(3) read with section 153C for the respective assessment years - Held that:- We find that the assessee has given the venture-wise details of income from land along with the name of the party, the document no. and the consideration received and recorded in its books of account for all the relevant assessment years under consideration. We find that the assessee has filed all these details before the Special Auditor as well. From the assessment order under section 143(3) read with section 153C of the Act, it is seen that the A.O. has considered the findings of the Special Auditor under section 142(2A) of the Act and has observed that the Special Auditor has given only a proforma report without commenting on the aspects referred to him. He held that since the issue is critical for assessing the capital gains as arising out of the transfer of land in the correct hands and since the report is silent about it, the same cannot be relied upon. He observed that the sale consideration as per the registered sale deeds is declared by the assessee company and therefore, the same is assessed in its hands as it is voluntarily declared by the assessee company and protective assessment in the hands of the respective assignees has already been made. It was, after considering these aspects, that the A.O. estimated the income of the assessee. This itself clearly demonstrates that the A.O. has applied his mind to the facts of the case before him before estimating the income of the assessee. As regards the issue as to whether, the assessment order passed by the A.O. after due application of mind, can be revised under section 263 of the I.T. Act, we find that in the case of Spectra Shares & Scrips P. Ltd., vs. CIT-III, Hyd. (2013 (6) TMI 173 - ANDHRA PRADESH HIGH COURT) has considered the judicial precedents on the issue in detail and has culled out the following principles as to the exercise of jurisdiction of the CIT under section 263 of the Act.Applying the above principles to the facts of the case before us as brought out in detail in the above paragraph, we hold that the assessment order under section 143(3) read with section 153C could not be revised under section 263 of the Act. - Decided in favour of assessee.
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