Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 110 - AT - Income TaxRevision u/s 263 - Income from other sources - AO failed to examine the applicability of s. 56(2)(vii)(b) - Fair Market Value (FMV) (guideline value under Stamp Act) of the property - absence of any verification qua the applicability of s. 56(2)(vii)(b) and, consequently, non-recording of satisfaction in its respect - HELD THAT:- We are in agreement with the ld. Pr. CIT that the agreement referred to in s. 56(2)(vii)(b) is to be a valid agreement in law (for which reference is made to the decisions in ITO v. Vinod Kumar Chate [2022 (4) TMI 614 - ITAT JABALPUR] rendered in the context of the analogous provision of s.50C, and Naina Saraf (supra), to cite two. We, as afore-stated, agree that the only question that survives is the applicability of the section 56(2)(vii)(b), in view of the provisos thereto, in the instant case. It is open for the revisionary authority to examine the same himself proceedings or direct the assessing authority to do so. However, once he adopts the latter course, it is not for us to interfere with the exercise of his discretionary power. We have clarified that the only aspect open for adjudication is if the agreement dtd.29/3/2011 qualifies to be an agreement referred to in the proviso to section 56(2)(vii)(b). Though no issue in its respect stands raised before us, inasmuch as the assessee’s return was selected for limited scrutiny, clarify that it is in our view within the competence of the ld. Pr. CIT to, as the revisionary authority, extend the scope of enquiry, requiring the assessing authority to enquire into areas impinging on matters at hand, or which comes to the notice of the AO in the course of his examination, and warrant further verification, as in the instant case. Reference for the purpose may be made to the decisions by the Jabalpur Bench of the Appellate Tribunal in Alankar & Anr. [2022 (8) TMI 1312 - ITAT JABALPUR] and Nitin Sharma [2020 (10) TMI 75 - ITAT JABALPUR] - Assessee appeal dismissed.
|