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2022 (9) TMI 31 - AT - Income TaxRevision u/s 263 by CIT - claim of Deduction u/s 80IB (10) - lack of enquiry by AO - HELD THAT:- It emerges during the course of hearing that although the assessee has claimed section 80IB (10) deduction as per the seized documents(supra), the fact remains that the alleged payee Mr. Sagar Bagul had nowhere purchased the corresponding residential unit so as to satisfy the clinching “derived from” condition having first degree nexus in light of Landmark decision in Liberty India [2009 (8) TMI 63 - SUPREME COURT]. This is indeed coupled with the fact that the assessee also could not invite our attention to the Assessing Officers detailed inquiries on the instant issue as well. We thus quote Malabar Industrial Co. [2000 (2) TMI 10 - SUPREME COURT] that lack of such an inquiry during the assessment itself renders the same to be an erroneous one causing prejudice to interest of the Revenue. We accordingly affirm the Learned PCIT’s revision directions qua the instant former issue. PCIT’s directions regarding application of section 269(SS) r.w.s 271D penalty - DR could hardly dispute that there is no loan agreement between the assesses and Mr. Bagul which could attract the forming penal provision as such a seized document indeed carries presumption of correctness u/s 292(c ) of the Act. We therefore reverse the impugned revision direction to this effect in para 7 in very terms. Ordered accordingly.
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