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| The Tax Publishers2020 TaxPub(DT) 1257 (Mum-Trib) INCOME TAX ACT, 1961
Section 263
As apparent, there was no material whatsoever to indicate, leave aside establish, that AO had examined applicability of section 56(2)(vi)(b) at all and whether an allotment letter issued by a private builder,e ven if that allotment be bona fide, could be equated with DDA allotments referred to in CBDT Circualr No. 471, dt. 15-10-1986. Accordingly, assessment order was rightly held as erroneous and prejudicial.
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Revision unders ection 263 - Erroneous and prejudicial order - Lack of enquiry on AO's part -
CIT held assessment order as erroenous and prejudicial to the interest of revenue on the ground of AO not having examined applicability of section 56(2)(viib) as regards purchase of property by assessee for a consideration lesser than market value for the purpose of stamp duty.Held: As apparent, there was no material whatsoever to indicate, leave aise establish, that AO had examined applicability of section 56(2)(vi)(b) at all and whether an allotment letter issued by a private builder,e ven if that allotment be bona fide, could be equated with DDA allotments referred to in CBDT Circular No. 471, dt. 15-10-1986. Accordingly, assessment order was rightly held as erroneous and prejudicial.
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2014-15
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