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2023 (12) TMI 202 - ITAT PUNERevision u/s 263 - as per CIT there is another possible view of the matter - as per CIT AO ought to have taxed deemed annual letting value @5% of the value of closing stock of unsold flats u/s 23(1)(a) of the Act - HELD THAT:- As decided in AMITABH BACHCHAN [2016 (5) TMI 493 - SUPREME COURT], M/S. FUTURE CORPORATE RESOURCES LTD. [2021 (10) TMI 175 - BOMBAY HIGH COURT] and MEPCO INDUSTRIES LIMITED. [2006 (11) TMI 164 - MADRAS HIGH COURT]when two views are legally possible and Assessing Officer adopts one view the Assessment Order cannot be said to be erroneous for the Ld.CIT to invoke jurisdiction u/s. 263 of the Act. In the case under consideration the AO has adopted one of the legally possible views qua Unsold Flats shown as closing stock. Therefore, the Assessment Order is not erroneous qua unsold flats shown as Stock. Accordingly, the Ground Number 3 of the assessee is allowed. TDS on payment made to Silk Route Communications - It is observed that the assessee during the assessment proceedings had filed details of TDS deducted on the payments made to Silk Route Communications. We have verified the fact that the assessee had deducted the TDS and the details were filed before the AO during the assessment proceedings. In the facts and circumstances, the assessment order is not erroneous qua TDS on payment made to Silk Route Communications. Therefore, the order u/s. 263 qua the issue of TDS on payment made to Silk Route Communications is set aside. Therefore, the Ground of the assessee is allowed. Interest on TDS - AO had not carried out any inquiry. The AO had not called for any details on this issue. Thus, we agree with the Ld.CIT that the AO failed to carry out necessary inquiry. Hence, the assessment order is erroneous and prejudicial to the interest of revenue qua the issue of Interest on TDS. Accordingly, the order u/s 263 is upheld qua the issue of interest on TDS. Accordingly, the Ground of the assessee is dismissed. Assessee appeal is partly allowed.
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