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2021 (10) TMI 1320 - ITAT CUTTACKRevision u/s 263 - as per CIT AO has made inadequate enquiry on investment in immovable property - HELD THAT:- Though the copies of sale deeds were not filed before the AO at the time of assessment proceedings, however, the details of the name of persons and the amount along with confirmations were filed and the same are true and correct vis-à-vis the copies of sale deeds placed before us. Therefore, it cannot be said that there was no enquiry on the part of the AO. Even it is not a case of inadequate enquiry also as the assessment proceedings were initiated for the very basic purpose of examining the investment in immovable property and the source thereof. Prima facie, there seems to be proper application of mind by the AO and the same is further verified by the fact that all the alleged persons mentioned in the list above arte the buyers of the property sold by the assessee and the total sale consideration received from all these eight persons duly supported by registered sale deed was utilized for making investment in the immovable property. As in the instant case, the assessee has sold certain immovable property to eight persons through registered sale deed and received sum of ₹ 50,78,420/-(which includes Cheque of ₹ 2,65,420/- and the remaining amount in cash) and the sale consideration so received was utilized for making investment in immovable property and these details were placed before the AO in the form of list of persons and confirmation letters and after proper application of mind, he accepted the submissions of the assessee, and, therefore, it cannot be said that there was no enquiry or inadequate enquiry by the AO. Appeal of assessee allowed.
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