TMI Blog2022 (12) TMI 645X X X X Extracts X X X X X X X X Extracts X X X X ..... bility of section 14A r.w.r. 8D - From perusal of the PCIT's revision directions that he has already directed the AO to examine the issue of applicability of section 14A r.w. Rule 8D in his findings of the revision order. Revenue could hardly dispute that the AO had duly disallowed an amount in his assessment and, therefore, the same could not be termed an instance of lack of enquiry as it is alleged at the PCIT s behest. PCIT s revision directions to the limited extent of applicability of section 14A r.w.r. 8D disallowance therefore. Deemed rent computation issue raised in the learned PCIT s revision directions - We note from a perusal of the relevant discussion in page-9 para-3 that neither the assessee could clarify before us a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Sonani [ 2016 (9) TMI 1259 - ITAT AHMEDABAD ] We, therefore, are of the opinion that the only difference in sec.50C vis- -vis sec.56(2)(vii) is that the former applies in case of transfer of a capital asset in the hands of the vendor whereas the latter one gets attracted in the purchaser/vendee s case, respectively. We thus conclude that the PCIT has erred in law and on facts in directing the Assessing Officer to frame his assessment afresh in light of section 56(2)(vii) in very terms. His directions to this limited extent are reversed accordingly. The assessee s instant former substantive ground succeeds in part therefore. - ITA.No.855/PUN./2019 - - - Dated:- 13-12-2022 - Shri Satbeer Singh Godara, Judicial Member And Dr. Dipak P. Rip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion and consideration is not in accordance with the provisions of the Act. 5. Issue no 7 raised on account of disallowance not made u/s 43B is not according to the provisions of the Act The issue raised be thus deleted. 6. Issue no 9 raised on account of difference in claim of TDS and income offered to tax is not according to the provisions of section 199 (1) of the Act. The issue thus raised be deleted and proper relief be granted to the assessee. 7. Issue no 11 raised on account of deemed rent not included in stock in trade is not as per provisions stated under section 23 of the Act. The issue hence raised should be deleted. The order passed u/s. 263 for the abovementioned issues be held to be unwarranted, unjustified, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Khandelwal s case, therefore, is that the assessing authority had duly applied its mind during the course of scrutiny, and, therefore, the assessment framed in assessee s case has been wrongly held to be an erroneous one causing prejudice to interest of the Revenue. All these assessee s arguments fail to evoke our acceptance since we do not find even a single question or enquiry from the Assessing Officer s side alleging diversion of interest bearing funds for non-business purposes, attracting section 36(1)(iii) interest disallowance. Faced with the situation, we conclude that the PCIT herein has rightly termed the Assessing Officer s assessment completed without making the adequate enquiries in light of section 263 Explanation (2) insert ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on account of alleged difference between stamp valuation and actual purchase consideration qua the sale deed executed in the relevant previous year. 9.1. A perusal of the said sale deed dated 31.12.2013, and more particularly, the schedule of payment therein at page-16 indicates that the assessee had already paid an amount of Rs.50,000/- on 20.09.2016 by way of bank cheque which followed the agreement itself dated 05.10.2006. Faced with the situation, we quote 1st and 2nd proviso to sec.56(2)(viib) of the Act that the consideration amount in such a transfer of immovable property at the time of agreement could also be accepted in case whole or part thereof had been paid in any mode other than cash on or before the date of the agreement, f ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
