2020 (1) TMI 1359

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....he Assessing Officer (AO) under s. 143(3) of the Income Tax Act, 1961 (the Act) concerning AY 2014-15.   2. As per multiple grounds of appeal, the assessee has essentially raised two grievances; (i) applicability of amended provisions of Section 56(2)(vii)(b) of the Act in the facts and circumstances of the case; & (ii) chargeability of interest under s.234B of the Act on additions made. 3. The assessee in the year under consideration registered in his name, an immovable property on 17.06.2013 against the actual purchase of property on 15.04.2011 in FY 2011-12. The purchase consideration was determined at Rs. 9,10,000/- at the time of agreement for purchase in FY 2011-12 and accordingly the payment was made at the time of such ag....

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.... and made applicable to AY 2014-15 onwards. As per the amended provisions, the scope of substituted provision was expanded to cover purchase of immovable property for inadequate consideration as well. It is alleged on behalf of the Revenue that the amended provision will apply in view of the fact that registration has been carried out during the FY 2013-14 concerning AY 2014-15 where the amended law came into force. The assessee, on the other hand, seeks to claim that his case would be covered by pre-amended provision in view of the fact that agreement for purchase of the property was entered into with the prospective seller in FY 2011-12 relevant to AY 2012-13 at which time the new law did not come into play. It was claimed that the pur....

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....ench of ITAT in ITO vs. M/s. Anand Vihar Construction Pvt. Ltd. ITA No. 335/Ran/2017 order dated 28.11.2018 wherein the issue was dealt with as under: "16. We have heard rival submissions and perused the material on record. Prima facie the disputed issue, being charging of interest u/s.234A & 234B as envisaged by ld. AR, is covered by the decision of Hob'ble jurisdictional High Court in the case of Ajay Prakash Verma in ITA No.38 of 2010 reported in 2013(1) TMI 140. The Hon'ble Court in Para23&24 held as under :- "23. Learned counsel for the appellant submitted that it has been ordered by the AO that interest be charged as per rule. Interest can be levied under Section 234A and 234B of the Act. It is submitted that....