9911796707
TMI Blog2022 (9) TMI 597X X X X Extracts X X X X X X X X Extracts X X X X ..... the CIT(A) has erred in law and on facts in reversing assessment findings adding rental income in the nature of interest on deposits received by the assessee from its tenant involving sum of Rs.1312302/-, we note that the lower appellate discussion to this effect reads as follows : "5.0 Ground No.4, 5 &. 6 are directed against the addition of Rs.13,12,302/- in lieu of rent received and the amount is reduced from interest deduction claimed by the appellant, therefore, these grounds are taken up together for the sake of convenience. 5.1 I have carefully considered the facts of the case, the assessment order, order u/s 263 of theCIT-1, Nashik, Hon'ble ITAT Pune's order in I.T.A. No. 962/PUN/2016 dated 03/12/2018 for A.Y. 2011-12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case of Malabar Industrial Co. Ltd. (supra) has held that CIT has to be satisfied of twin conditions, namely, (i) the order of the AO sought to be revised is erroneous; and (ii) it is prejudicial to the interests of the Revenue. If one of them is absent-if the order of the ITO is erroneous but is not prejudicial to the Revenue- recourse cannot be invoked to correct each and every type of mistake or error committed by the AO; when an ITO adopted one of the courses permissible in law and it has resulted in loss of revenue; or where two views are possible and the ITO has taken one view which the CIT does not agree, it cannot be treated as an erroneous order prejudicial to the interests of the Revenue unless the view taken by the ITO is unsu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... osits cannot be taken into account for determination of Annual Letting Value. Similar view has also been taken by the Hon'ble Bombay High Court in the case of CIT vs. J.K. Investors (Bombay) Ltd., (supra). We further find that no addition on the issue on which the present proceedings u/s 263 of the Act has been initiated, has been made by the AO in the assessment order passed u/s 143(3) of the Act for A.Y. 2010-11 and for subsequent assessment orders i.e., A. Y. 2012-13, and 2014-15. Here, it would be relevant to point out that the order for A. Y. 2014-15 was passed u/s 143(3) of the Act on 27/02/2014 which was much after the order passed by Ld. PCIT u/s 263 of the Act for A.Y. 2011-12. Before us, Revenue has not placed any material on reco ..... X X X X Extracts X X X X X X X X Extracts X X X X
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