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TMI Blog2022 (12) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... A) is contrary to the law and facts of the case. 2. The Ld. CIT(A) erred in deleting the disallowance of interest expenses of Rs. 6,29,504/- relying on the decision of the Chennai Bench of the Hon'ble Tribunal vide its order ITA No. 1903 & 1599/Mds/2008 dated 17-01-2010 for the AYs 2003-04 & 2004-05 in the assessee's own case, decided in favour of the assessee. 2.1. The Ld. CIT(A) failed to appreciate that the Revenue has filed an appeal against the said order of the Hon'ble Tribunal before the Hon'ble Madras High Court, which is still pending. 2.2. The* Ld. CIT(A) erred in holding that there was no case of diversion of borrowed funds and hence allowing interest under section 37 of the Act. 3. The Ld. CIT(A) erre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 17 and determined total income of Rs. 14,04,25,531/-, by making additions towards difference between guideline value of the property and sale consideration u/s. 50C of the Act at Rs. 85,36,200/-. The assessee carried the matter in appeal before the first appellant authority and the Ld. CIT(A), for the reasons stated in their appellant order dated 26.04.2019, deleted additions made towards difference in value of consideration received for transfer of property on the ground that, the difference between guideline value and stated consideration is less than 10% and in view of 3rd proviso to section 50C(1) of the Act, if said difference is less than 10%, then no additions can be made. Aggrieved by the Ld. CIT(A) order, the revenue is in appeal b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 85,36,200/-, when compared to guideline value of the property. The arguments of the assessee is that as per 3rd proviso to section 50C(1) of the Act, inserted by the Financial Act, 2018 w.e.f. 01.04.2019, if difference between stated consideration and guideline value does not exceed 10% of the consideration received or accruing as a result of the transfer, the consideration so received or accruing as a result of the transfer shall be deemed to be the full value of consideration. We find that, although said amendment came into statue by Finance Act, 2018 w.e.f. 01.04.2019, but the co-ordinate bench of the Tribunal in the case of Amrapalli Cinema vs ACIT [2021] 127 taxmann.com 376 (Delhi), held that amendment made in scheme of section 50C(1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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