Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (1) TMI 1605 - ITAT DELHIDisallowance u/s 14A - CIT(A) restricted the disallowance u/s 14A to the extent of 10% of the income - HELD THAT:- AO made the disallowance by invoking the provisions of Rule 8D of the Income Tax Rules, 1962, which is applicable for the assessment year 2008-09 and not for the year under consideration i.e. assessment year 2007-08. We, therefore, do not see any merit in this ground of the departmental appeal. Addition invoking the provisions of Section 69C - CIT(A) has deleted the above addition - HELD THAT:- Reply of the parties from whom the enquiries were conducted by the AO and in fact they confirmed that the transaction of the sale of the properties is at the purchase price shown by the appellant. Provision of section 50C for that relevant year applied in the hands of the seller and not the buyer. In the present case the assessee is a buyer. Hence, he stated that income cannot be added in the hands of the assessee by invoking provision of section 50C - As examined that provision of section 56(1)(vii)(b) of the Act is not applicable as it applies w.e.f. 01.04.2014. DR also could not point out any infirmity in the order of the ld CIT(A). We are also of the considered view that there is no provision of difference between stamp duty value as well as the transacted value can be added in the hands of the buyer - Appeal of the department is dismissed.
|