TMI Blog2023 (4) TMI 559X X X X Extracts X X X X X X X X Extracts X X X X ..... isallowance u/s 14A r.w.r.8D, wherein it has been held that disallowance u/s 14A cannot be imported in section 115JB - Respectfully following the precedent from the Special Bench of the Tribunal, we direct the AO to follow the same. Valuation of the land - Disallowance by invoking provisions of section 50C - adoption of value of land of Stamp Authorities - HELD THAT:- No cogency in the argument of the Ld. DR. Prescription as per section 50C is quite clear. It mandates that if the assessee objects to the value of the Stamp Authorities, the matter needs to be send to the DVO for valuation. Accordingly, we direct the AO to get the valuation done by DVO. Hence, the matter is remitted back to the file of the AO to get valuation done from ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rores in income of the appellant on account of difference between the sale consideration of the land located at Bilaspur, U.P., and the value determined thereof by the Stamp Authorities without considering the submissions of the appellant company and also the facts and circumstances of the case. 4. That the CIT(A) also erred in not appreciating the fact that the basis for valuation adopted by the Stamp Authorities was not correct in the facts and circumstances of the case and no addition us 50C of the Act was warranted and in any case the actual sale consideration was duly supported by the Valuation Report of the Govt. approved valuer. 5. That the CIT(A) also erred in not appreciating the specific provisions of sub-section (2) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7362/Del/2018, vide order dated 28.10.2021 for AY 2014-15, wherein para 50, the ITAT has observed as under:- 50. We have carefully considered the rival contention and perused the orders of the lower authorities. We have also considered the various judicial precedents cited before us. In fact undeniably the assessee has interest free funds available which are 12.82 times higher than the amount of investments. Thus Where assessee had its surplus fund against which investment was made, no question of making any disallowance of expenditure in respect of interest expenses under section 14A arose - Principal CIT v. Sintex Industries Ltd. [2017] 82 taxmann.com 171 (Guj.) [SLP dismissed in Principal CIT v. Sintex Industries Ltd. [2018] 93 taxm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowance u/s 14A cannot be imported in section 115JB of the Act. Respectfully following the precedent from the Special Bench of the Tribunal, we direct the AO to follow the same. 9. Another issue raised is with regard to disallowance by invoking provisions of section 50C of the Act. On this issue, the AO noted the fact that the assessee company sold a land located in Bilaspur, UP. The land sale consideration was Rs.2.15 Crores. The stamp duty authorities determined the value of land at Rs.4.52 Crores. The assessee s explanation in this regard was not accepted by the AO. He invoked the provisions of section 50C and made the impugned disallowance. 10. Upon assessee s appeal, the Ld. CIT(A) confirmed the same. 11. Against this order, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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