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2019 (8) TMI 177 - ITAT BANGALOREDisallowance u/s 14A - HELD THAT:- Admittedly, there is a categorical finding by CIT(A) that assessee has not earned any exempt income during the year and therefore we concur with view adopted by Ld.CIT (A) that no disallowance could be made in such circumstances. We draw our support from the decision of Hon’ble Delhi High Court in case of Cheminvest Ltd [2015 (9) TMI 238 - DELHI HIGH COURT]. Addition u/s 50C - Revenue alleges that as value of land ascertained by Stamp authorities as on date of registration was higher than value in Agreement to sell, and therefore deeming fiction in section 50 C is to be invoked - HELD THAT:- As we analyze law applicable to these peculiar facts, it is observed that, revenue do not have any documents/evidences to establish that assessee received anything over and above the price agreed upon between the parties in agreement to sell dated 21/11/11. Respectfully following decision of Hon’ble Supreme Court in case of KP Verghese [1981 (9) TMI 1 - SUPREME COURT] and hold that Ld.AO shall verify, whether sale consideration received by assessee received through banking channels in whole or in part, is prior to the date of Sale Deed dated 13/02/2012. In the event it is found that the sale consideration has been received as claimed by assessee by way of account payee cheque, bank draft in part or in whole, on or before the date of Sale Deed dated 13/02/2012, assessee deserves benefit as per law. - decided in favour of assessee for statistical purposes.
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