Revision u/s 263 - non-invoking the provision of S.56(2)(vii)(b) ...

Pr.CIT's application of amended Section 56(2)(vii)(b) in 2014 deemed erroneous; original 2010-11 assessment year rules apply.

September 17, 2021

Case Laws Income Tax AT

Revision u/s 263 - non-invoking the provision of S.56(2)(vii)(b) by AO - There was a valid and lawful agreement entered by the parties long back in A.Y. 2010-11 only, when the subject property was transferred and substantial obligations were discharged. The law contained in S. 56(2)(vii)(b) as stood at that point of time, did not contemplate a situation of a receipt of property by the buyer with for inadequate construction. Hence, we are of the considered view that the ld. Pr.CIT erred in applying the said provision. Because of the mere fact that the flat was registered in the year 2014 falling in A.Y. 2015-16 on the fulfillment of the conditions, the amended provision of S. 56(2)(vii)(b)(ii) could not be applied - AT

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Revision u/s 263 - non-invoking the provision of S.56(2)(vii)(b) ...

Pr.CIT's application of amended Section 56(2)(vii)(b) in 2014 deemed erroneous; original 2010-11 assessment year rules apply.

September 17, 2021

Case Laws Income Tax AT

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