Tribunal held that\u00a0 the assessee\u2019s case was selected for limited scrutiny. In the course of the assessment proceedings, the Assessing Officer had verified both the issues and was satisfied about the investment in property and also about the deduction claimed under section\u00a054B. No addition on account of both the issues were made. However, by disallowing the fair market value claimed under section\u00a045, the Assessing Officer exceeded the jurisdiction assigned to him under the limited scrutiny assessment and had violated the Central Board of Direct Taxes Instruction Nos. 5 of 2016, dated July 14, 2016 and 20 of 2015, dated December 29, 2015. Section\u00a054B\u00a0could not be linked with section\u00a048\u00a0for enhancement of capital gains under section\u00a045\u00a0unless the Assessing Officer had taken the prior permission of the Principal Commissioner, which he had failed to do. The assessment orders passed under section\u00a0143(3)\u00a0is\u00a0 bad in law and the addition made is\u00a0\u00a0 deleted.(AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 143(3): Assessment-Limited scrutiny-Assessing Officer cannot travel beyond issue raised under limited scrutiny-Failure to obtain prior permission of Principal Commissioner for such additions-Order is bad in law-Instruction Nos. 5 Of 2016 dt.14-7-2016 and 20 of 2015, dated 29-12-2015.. [S. 45, 48, 54B, 54C,54D,54GA, 55A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-52296","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-dBu","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52296","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=52296"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52296\/revisions"}],"predecessor-version":[{"id":52297,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/52296\/revisions\/52297"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=52296"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=52296"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=52296"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}