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2018 (9) TMI 210 - AT - Income TaxAddition under the head Income from House property - AO has made the addition in the ALV of the property in question on the ground that in the immediately preceding year the assessee has declared the rental income as against the annual rental income during the year under consideration - Held that:- CIT (A) has given the finding that the ALV of the last year was determined for the entire house whereas the assessee has occupied part of the house for his residential purposes during the year under consideration and, therefore, the ALV for the last year for entire house cannot be adopted as ALV of the part portion of the house let out by the assessee. Hence we do not find any error or illegality in the order of the ld. CIT (A). Disallowance under section 14A - Held that:- Though we find merits in the contention of the ld. D/R that the quantum of exempt income is relevant only for the indirect expenditure apportioned for earning the exempt income and not the interest expenditure which has been incurred for making the investment in the shares and security yielding exempt income. Addition on the value of excess stock found during search and survey operation - accepting the less valuation of excess stock as on 31st March, 2013 - whether the entire stock which was found excess at the time of survey remained as unsold till 31st March, 2013 so that the assessee can take the benefit of reduction in the prevailing price of gold against the surrendered income on account of unexplained investment in the stock? - Held that:- So far as the applicability of amended provisions of section 115BBE of the Act is concerned, the same is applicable with effect from 1.4.2017 and not prior to that. Since this issue was not considered by the authorities below as the AO disallowed the claim of the assessee by placing reliance on the provisions of section115BBE and the ld. CIT (A) has accepted the prevailing price of gold as on 31st March, 2013 without verifying the actual details of the remaining stock out of the excess stock found at the time of survey, therefore, this factual aspect of the matter is required to be verified and examined by considering all the relevant details at the level of the AO. Accordingly, we set aside this issue for limited purposes of verification and examination of the quantity of stock which was remained unsold as on 31st March, 2013 out of the total excess stock found at the time of survey.
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