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TMI Blog2022 (12) TMI 645X X X X Extracts X X X X X X X X Extracts X X X X ..... ised the following substantive grounds in the instant appeal : 1. "On facts and circumstances prevailing in the case and as per provisions & scheme of the Act it be held that, the order passed by learned Pr. Commissioner oflncome Tax u/s.263 is without satisfying the requirements of the said section and without properly resuming the jurisdiction of the said section for the following issues. 1. Issue no 1 on account of tax calculated at 30% under provision of Section 115BBE of the Act, the issue so raised be deleted. 2. Issue no 2 and 10 raised on account of investments made and interest on such investments and advances is not as per provisions of Section 36(1)(iii) of the Act. The issue raised be deleted. 3. Issue no 3 raised on acc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment dated 16.12.2016 as an erroneous one causing prejudice to the interest of Revenue, is concerned. 6. Learned counsel does not press the assessee's sub-substantive grounds qua the issue(s) of section 115BBE computation as well as regarding 43B disallowance, TDS claim visà- vis income offered to tax u/s.199(1) and deemed rent issue with liberty to raise appropriate contentions before the Assessing Officer in consequential proceedings. Rejected in very terms. 7. This leaves us with the first and foremost issue of PCIT's revision directions regarding the applicability of interest disallowance u/s.36(1)(iii) of the Act. Mr. Khandelwal took-us to assessee's detailed paper book dated 05.07.2022 containing all the relevant de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ould not be termed an instance of lack of enquiry as it is alleged at the PCIT's behest. We reverse the PCIT's revision directions to the limited extent of applicability of section 14A read with Rule 8D disallowance therefore. 8. Next comes the 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 about the number of house properties owned in the relevant previous year nor could he rebut his computation in the subsequent assessment year 2015-16 qua the same. Faced with the situation, we upheld the PCIT's revision directions that the Assessing Officer had neither enquired nor examined the issue of as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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