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2023 (8) TMI 810 - ITAT PUNERevision u/s 263 by CIT - two views on this impugned issue - Annual Letting Value of completed stock of Project Elmwood should have been added to the income of the assessee - AO took a view of not taxing it under the head Income from House property - HELD THAT:- When two views are legally possible and AO adopts one view the Assessment Order cannot be said to be erroneous for the CIT to invoke jurisdiction u/s. 263 of the Act. See Amitabh Bachchan [2016 (5) TMI 493 - SUPREME COURT], Mepco Industries Ltd. [2006 (11) TMI 164 - MADRAS HIGH COURT] and Future Corporate Resources Ltd [2021 (10) TMI 175 - BOMBAY HIGH COURT] In the case under consideration the AO has adopted one of the legally possible view qua Unsold Flats shown as closing stock. Therefore, the Assessment Order is not erroneous qua unsold flats shown as Stock. TDS and Interest on TDS - AR accepted that there was no inquiry by the AO on the issue of TDS and interest on TDS. Accordingly we hold that the Assessment Order is erroneous and prejudicial to the interest of the revenue with reference to the issue of TDS as AO failed to carry out necessary verification and on the issue of Interest on TDS. Accordingly the, order u/s. 263 is upheld qua TDS claim and Interest on TDS. Decided partly in favour of assessee.
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