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2002 (7) TMI 47 - GUJARAT HIGH COURTUnexplained Expenditure - Construction Of Building - Tribunal, therefore, passed the final orders and expressed the view that even if the difference of actual cost estimated by the Departmental Valuation Officer and the cost shown by the assessee under section 69C may be assessable as unexplained expenditure as soon as the amount is debited in the profit and loss account the same is neutralised and the net result is nil addition. To neutralise the profit and loss account, the Legislature has amended section 69C and added a proviso to it with effect from April 1, 1999. - Tribunal also accepted the assessee's contention that the Departmental Valuation Officer had adopted the plinth area rate method which was an inferior method of determining the cost of construction and also did not accept the defects as pointed out by the Assessing Officer that the assessee ought to have maintained the consumption and balance of raw material either day-to-day accounts or on any regular interval of any specified period. - we are not inclined to interfere with the impugned judgment and order of the Tribunal.
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