2023 (1) TMI 1228

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....spondent : Shri Jayant Jhaveri ORDER PER VIKAS AWASTHY, JM: This appeal by the assessee is directed against the order of Principal Commissioner of Income Tax (Central), Mumbai-3 [in short 'the PCIT'] dated 31/03/2022 passed under section 263 of the Income Tax Act, 1961 [in short 'the Act'] for the Assessment Year 2017-18. 2. Shri Mahavir Jain appearing on behalf of the assessee submits....

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....ward as closing stock. During the course of scrutiny assessment proceedings the Assessing Officer made a specific enquiry with respect to the closing stock. The Assessing Officer after being satisfied with submissions of the assessee did not make any addition on account of notional rent in respect of carry forward of closing stock i.e. unsold flats lying vacant. The view taken by the Assessing Off....

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....ssessing Officer has taken one of the possible view, the PCIT cannot invoke revisionary powers merely for the reason that the view taken by Assessing Officer is contrary to the view of PCIT. 4. Per contra, Shri Jayant Jhaveri representing the Department vehemently defended the impugned order. The ld. Departmental Representative submits that the Assessing Officer has failed to charge notional re....

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....of Hon'ble Delhi High Court in the case of CIT vs. Ansal Housing Finance & Leasing Company Ltd. (supra). We find that in the case of Osho Developers vs. ACIT (supra), the Mumbai Bench of the Tribunal after considering judgment rendered in the case of CIT vs. Ansal Housing Finance & Leasing Company Ltd. (supra) and various other decisions, which inter-alia, includes decision in the case of CIT ....