https://www.taxtmi.com/caselaws?id=446518 ITAT Pune-AT partly allowed assessee's appeal against CIT's revision order u/s 263. Tribunal held that AO's view on taxing deemed annual letting value of unsold flats at 5% under s.23(1)(a) was legally possible, making assessment not erroneous. Similarly, TDS deduction on payments to third party was properly documented during assessment proceedings. However, Tribunal upheld CIT's revision regarding interest on TDS, finding AO failed to conduct necessary inquiry on this issue, making assessment erroneous and prejudicial to revenue interests. en-us Tue, 27 Jun 2023 00:00:00 +0530 Wed, 06 Dec 2023 08:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446518 ITAT Pune-AT partly allowed assessee's appeal against CIT's revision order u/s 263. Tribunal held that AO's view on taxing deemed annual letting value of unsold flats at 5% under s.23(1)(a) was legally possible, making assessment not erroneous. Similarly, TDS deduction on payments to third party was properly documented during assessment proceedings. However, Tribunal upheld CIT's revision regarding interest on TDS, finding AO failed to conduct necessary inquiry on this issue, making assessment erroneous and prejudicial to revenue interests. Case-Laws Income Tax Tue, 27 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446518