TMI Blog2020 (1) TMI 1359X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee therefrom. The pre-amended provisions will thus apply and therefore the Revenue is debarred to cover the transactions where inadequacy in purchase consideration is alleged. We thus find merit in the issue raised on behalf of the assessee. The order of the CIT(A) is accordingly set aside and the AO is directed to delete the additions made under s. 56(2)(vii)(b) of the Act and restore the position claimed by the assessee. Chargeability of interest u/s 234B on additions made - HELD THAT:- As relying on M/s. Anand Vihar Construction Pvt. Ltd. [ 2018 (11) TMI 1738 - ITAT RANCHI ] Interest under s.234A 234B of the Act is chargeable with reference to returned income only, we are inclined to adjudicate the legal objection ra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aluation stood at a higher figure at ₹ 22,60,000/-. The AO noticed the alleged under-valuation in the purchase price of the property qua stamp duty valuation and applied provisions of Section 56(2)(vii)(b) of the Act and worked out the adjusted purchase consideration of ₹ 18,89,350/-. The AO accordingly treated the difference of ₹ 9,79,350/- as deemed income having regard to the provisions of Section 56(2)(vii)(b) of the Act as amended by Finance Act, 2013 and applicable to AY 2014-15 onwards. 4. In the first appeal, the CIT(A) did not give any relief on inapplicability of amended provisions of Section 56(2)(vii)(b) of the Act to the facts of the case as claimed by the assessee. 5. Further aggrieved, the assessee p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he formality of registration. It was thus submitted that the transactions entered prior to the FY 2013-14 would be governed by the pre-amended provision which triggers the applicability of such provision only where there is a total lack of consideration and does not cover a case of inadequacy in purchase consideration. 7. We find merit in such plea advanced on behalf of the assessee. It is not in dispute that purchase transactions of immovable property were carried out in FY 2011-12 for which full consideration was also parted with the seller. Mere registration at later date would not cover a transaction already executed in the earlier years and substantial obligations have already been discharged and a substantive right has accrued to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of Income-tax reported in [2001] the interest cannot be levied over the assessed income and it can be levied only on the income declared in the return. The revenue preferred SLP before Hon'ble Supreme Court against the said judgment of the Full Bench of Patna High Court, which was dismissed by the Hon'ble Supreme Court on merits vide order dated 01.08.2000 by saying that there is no merit in the appeal. 24. Learned counsel for the revenue could not dispute this legal position. Therefore, so far as question of law involved in this appeal that whether the interest could have been levied against the assessed income of the assessee under Sections 234A and 234B is concerned, in view of the Full Bench judgment of Ranchi Bench of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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