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TMI Blog2022 (6) TMI 1015X X X X Extracts X X X X X X X X Extracts X X X X ..... ny. The CBDT Instruction no.20/2015 mentions scope of inquiry as under : iii Scope of Enquiry: Specific issue based enquiry is to be conducted only in those scrutiny cases which have been selected on the parameter(s ) of AIR/CIB/26AS data . In such cases, the Assessing Officer, shall also confine the Questionnaire only to the specific issues pertaining to AIR/CIB/26AS data. Wider scrutiny in these cases can only be conducted as per the guidelines and procedures stated in Instruction No. 7/2014. There is no dispute that the case was selected for limited scrutiny on the parameters of AIR. Therefore, as per the CBDT instruction 20/2015, the AO had power to investigate issue pertaining to AIR information. In this case, it is a fact that AIR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ISWANETHRA RAVI, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER Assessee by : Shri Pratik Sandhbhor AR Revenue by : Shri M G Jasnani DR ORDER PER DR. DIPAK P. RIPOTE, AM: This is an appeal filed by the Assessee,directed against the order of ld.Commissioner of Income Tax(Appeals)-2, Pune in Appeal No.PN/CIT(A)- 2/IOT Wd-1/AN/623/2016-17/228 dated 26.05.2017 for the Assessment Year 2014-15.The Assessee raised the following grounds of appeal: 1. On the facts and circumstances of the case the CIT(A) has erred in sustaining the addition of Rs.. 18243128/- u/s 56(2)(vii)(b) of the Income Tax Act, 1961 disregarding the serious objection raised by the appellant about the correctness of the stamp duty v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal asset but a trading asset of the appellant and therefore, the provision of section 56(2)(vii)(b) are not attracted. (III) On the facts and in the circumstances of the case and without prejudice to the above grounds of appeal the addition made u/s 56(2)(vii)(b) is invalid as much as the provision of the said section are not attracted in the case of the appellant since the appellant has been defrauded and no transfer actually took place in favour of the appellant as evident form the order of the Hon ble Court of Civil Judge, Senior Division Pune dated 20/10/2020. 3. Brief facts of the case as mentioned in the assessment order and as seen from the copy of the return filed in the paper book, are thatthe assessee filed return of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s: Jitendra Roopraj Mehta ITA No.440/PUN/2017. 4.1 Per contra the Ld.Departmental Representative (DR) for the Revenue submitted that the case was selected to verify large investment in property as compared to total income. The assessee has purchased land. The AO has made addition about the same land which is referred in the information. The AO has invoked the Section 56(2)(vii)(b) for the impugned land which is referred in the AIR information mentioned in the CASS reasons. The Ld. DR explained that in this case information was received from the Registrar of Land records, regarding purchase of land, the said information was containing name of the vendor, vendee, actual consideration and market value. The said information was received as A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e consideration is market value means the actual investment made by the vendee is not the amount mentioned as consideration in the sale deed but the market value mentioned by the Stamp Authorities for the purpose of Stamp Duty. Thus, when we read it in totality the AO has acted as per the directions of CBDT and has not gone beyond the reason mentioned for limited scrutiny. The CBDT Instruction no.20/2015 mentions scope of inquiry as under : iii Scope of Enquiry: Specific issue based enquiry is to be conducted only in those scrutiny cases which have been selected on the parameter(s ) of AIR/CIB/26AS data . In such cases, the Assessing Officer, shall also confine the Questionnaire only to the specific issues pertaining to AIR/CIB/26AS data. W ..... X X X X Extracts X X X X X X X X Extracts X X X X
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