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TMI Blog2020 (12) TMI 630X X X X Extracts X X X X X X X X Extracts X X X X ..... ith law, after providing an opportunity of being heard to the assessee and after considering submissions filed by the assessee. Against the aforesaid Tribunal order dated 28.4.2017, the assessee filed the Misc. Application for recalling the order, which later the Tribunal vide order dated 03.07.2019 in MA No. 541/Del/2017 (AY 2008-09) has recalled the order of the Tribunal dated 28.4.2017 and directed the Registry to fix the ITA No. 3395/Del/2013 to fix the said appeal for fresh hearing. Accordingly, the case was heard on 02.12.2020. 1.1 This appeal has been filed by the assessee against the order dated 21.3.2013 passed u/s. 263 of the Act by the Ld. CIT, Meerut on the following grounds:- 1. "That the order passed u/s 263 of the I.T. Act 1961 by the Ld. CIT Meerut, is barred by limitation. 2. That the Ld. CIT Meerut has wrongly assumed jurisdiction to initiate proceedings u/s 263 and to pass an order u/s 263. 3. That the order passed u/s 263 of the I. T. Act 1961 by the Id. CIT Meerut, is bad on various factual & legal grounds. 4. That the Id. CIT Meerut, is incorrect in stating that the order passed by the AO is erroneous as well as prejudicial to the interests of reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 05 Assessing Officer has not obtained the purchase deed & sale deed of the property sold for Rs. 17 lacs situated at Arunachal Building, Delhi for examining the applicability of section 50C of the I.T. Act." 2.1 The Ld. CIT in her aforesaid order dated 21.3.2013 u/s 263 of I.T. Act observed that the Assessing Officer had not conducted proper inquiries in respect of sundry creditors totaling Rs. 19477814/- and the same were accepted as such without even confirmation or without any inquiry made by the Assessing Officer. Further, the Ld. CIT observed that the Assessing Officer had not examined the actual sale price based on circle rate or any other factors so as to ascertain the actual sale price received by the assessee; in respect of two shops in 'Arunachal Building' in Delhi, which were sold by the assessee. The Ld. CIT further observed that the Assessing Officer may also take into consideration prevailing circle rate of the area and based upon the same he can proceed to ascertain the market rate of said properties. The assessment order passed by Assessing Officer was set aside by Ld. CIT in her aforesaid order dated 21.3.2013 u/ 263 of I.T. Act with the direction to the Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled by the assessee during appellate proceedings in ITAT, which included assessee's letter dated 7.3.2013 submitted to the Ld. CIT during the course of proceedings u/s 263 of I.T. Act wherein detailed submissions were made and reliance was placed by the assessee on the following decisions:- 1. Hon'ble Bombay High Court in the case of CIT vs. Gaabriel India Ltd. (203 ITR 1082) 2. Hon'ble Supreme Court of India in the case of Malabar Industrial Company Limited vs. CIT (243 ITR 083) 3. Hon'ble Delhi High Court in the case of CIT vs. Anil Kumar Sharma (335 ITR 083) 4. Hon'ble Delhi High Court in the case of Income-tax Officer v. DG Housing Projects Ltd. 343 ITR 0329 5. Hon'ble ITAT, Chandigarh in the case Baljees v ACIT (127 Taxman0150 6. Hon'ble Bombay High Court in the case of CIT vs. Development Credit Bank Limited 323 ITR 0206 7. Hon'ble Allahabad High Court in the case of CIT vs. Kashi Nath & Co. (Allahabad High Court 170 ITR 0028 8. Hon'ble Delhi High Court in the case of CIT vs. Sunbeam Auto Ltd, 189 Taxmann 436 9. Hon'ble ITAT, Chandigarh Bench in the case Amrik Singh v. Income- Tax Officer 127 Taxman 0087 10. Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs were not noticed by Ld. CIT during proceedings u/s 263 of I.T. Act, hence, we are of the view that Ld. CIT has not applied his mind and passed the impugned order in a routine manner. Keeping in view the facts and circumstances as explained above, the issue regarding sundry creditors, in our view, Ld. CIT has wrongly applied the provisions of section 263 which is liable to be cancelled and hence, we cancel the same. 4.1 As regards issue relating to applicability of section 50C of the I.T. Act is concerned, Ld. Counsel for the assessee has filed the detailed submissions before the AO as well as Ld. CIT and the AO has examined the same with the support of documentary evidences filed by the assessee on the applicability of section 50C of the Act and has not made any additions because Section 50C is not applicable in the case of the assessee and no material on record is available establishing that the assessee has received money over and above the total consideration amounting to Rs. 17,00,000/-. Assessee has filed its reply in response to notice u/s. 263 of the Act and explained that the facts relating to the rights in units bearing nos. LB-3 & LB-4 (lower basement) in Arunachal Bu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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