2022 (9) TMI 1187

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....umstances of the case and in law, the order passed u/s. 263 of the I. T. Act, 1961 is invalid and bad in law.   2. On the facts and in the circumstances of the case and in law, learned CIT erred in passing an order u/s. 263 of the I.T. Act 1961 and that too without appreciating fully and properly the facts of the case.   3. On the facts and in the circumstances of the case and in law, the learned CIT erred in holding that the order dated 26.12.2019 passed u/s. 143(3) of the Act by the AO is erroneous and prejudicial to the interest of revenue although the same was neither erroneous nor prejudicial to the interest of revenue.   4. On the facts and in the circumstances of the case and in law, the learned CIT erred i....

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....O has made disallowance of motor car expenses considering the personal usage(1/3) on adhoc basis Rs 57,308/- and assesseed the total income of Rs.1,03,05,984/- and passed the order under Section 143(3) dated 24.12.2019. 4. Subsequently, the Pr.CIT on perusal of the assessment records and the details of scrutiny assessment found that the assessee has disclosed the closing stock in the balance sheet in respect of 32 units completed and occupation certificate was received. The Pr.CIT is of the opinion that the AO has not verified the calculation of deemed rent on the finished stock at current market rate and should have adopted @8% of the closing stock of flats. Hence, the Pr.CIT is of the opinion that the order passed by the Assessing office....

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....e time of hearing, the learned AR submitted that the Pr.CIT has erred in directing the AO to frame the de nov assessment, overlooking the facts that the AO has applied his mind on the facts and the calculation of deemed rent under Section 22 r.w.s 23 of the Act and made in addition under income from house property after allowing the statutory deduction under Section 24 of the Act. Further, the learned AR also emphasized that assessee has filed an appeal against the assessment order u/sec143(3) of the Act with the CIT(A) and during the pendency of appeal before of CIT(A), the assessee has opted for VSVS 2020 on 11.11.2020 and received Form no 5 dated 1-05-2021.Therefore the action of the Pr.CIT on the similar issue pending before the CIT(A) ....

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....made the necessary payments and as a result the Designated Authority has certified the| full and final payment of disputedtax/tax arrears by issuing Form No 5 dated 01.05.2021 In view of the above fact, the present appeal is DEEMED TO BE WITHDRAWN w.e.f. 26.12.2020 in accordance with subsection (2) of Section 4 of Direct Tax Vivad se Vishwas Act,2020. 3.0 Accordingly, the appeal is treated as dismissed. 7. We find that the assessee has made an application under Vivad Se Vishwas 2020 in form No. 1 on 11.11.2020 and has received the form no. 5 in respect of full and final payment of disputed tax vide order dated 01.05.2021 and CIT(A) considered these facts and has dismissed the appeal for statistical purpose. Now, the question arise that t....