TaxTMI 
TaxTMI 
2017 (9) TMI 516
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.... 2. Grounds of appeal taken by the assessee are as under : Ground : allowance u/s 14A of the Act amounting to Rs. 3,39,342/- 1. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in upholding the action of the AO of disallowing a sum of Rs. 3,39,342/- u/s. 14A of the Act read with Rule 8D. The Appellant prays that the AO be directed to delete the aforesaid disallowance. Ground 2: Non Applicability of Capital Gains Tax 1. On the facts and in circumstances of the case and in law, the CIT(A) erred in upholding the action of the AO in treating transfer of benefits of application of property at Bharat Diamond Bourse as liable to capital gain tax without appreciating the fact that the Appellant ....
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....e order dated 30.4.2014 wherein the matter was restored to the file of the AO to decide the issue afresh after affording reasonable opportunity of hearing. The ld AR prayed before the Bench that the issue be restored to the file of the AO with similar direction. The ld. DR appeared to be fairly agreed with the contentions of the of AR. 6. We have heard the rival contentions and perused the material placed before us including the orders of authorities below. We find from the record that the similar issue arose in the assessment year 2008-09 and 2009-10 and the same was restored back to the file of the AO. For the sake of convenience, we reproduce operative part of the order as under : "6. From the above, it IS clear that the nexus must exi....
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....n the assessment year 2008-09 and 2009-10 after affording fair and reasonable opportunity of being heard to the assessee. 7. The appeal of the assessee is partly allowed for statistical purposes. ITA NO.782/Mum/2015 8. The grounds raised by the revenue are as under :- "i) "Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in directing that the sale consideration should be restricted to stamp duty valuation as against the Fair Market Value determined by the DVO?" ii) "Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in holding that the provision of section SOC of I.T. Act is applicable to the transaction of transfer of rights in immovable property without appreciati....
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....cial office spaces and parkings in the Bandra Kurla Complex which were provisionally allotted to the assessee on different dates. The assessee submitted before the AO that it has transferred rights in the said properties at cost to the persons stated hereinabove with the conditions that the remaining cost to be paid by these persons. However, the AO came to the conclusion that since the assessee has transferred the properties to two persons who were incidentally directors of the assessee company and 3rd was the group concern at cost thereby showing no capital gains in the return of income whereas as a matter of fact the properties have appreciated a lot. The AO also rejected the without prejudice submission of the assessee that the capital ....
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.... agreement or registration which is taken as date of transfer of rights in the property it was not owned by the appellant for three years. As regard the issue of ale consideration, I partly agree with the contention of the appellant to the extent that in case of a right in immovable property, under the deeming provisions of sec.50C of IT. Act, the sale consideration can be enhanced upto the maximum limit of stamp duty valuation. As regards the reference of the case to the Dva is concerned, I do not find any infirmity in it because the same can always be a matter of discretion of AO to get an expertise assistance from a specialist like DVO to ascertain the fair market value of an asset to prove that the sale consideration is suppressed. H....