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2009 (12) TMI 633 - ITAT DELHIIncome escaping assessment - change of opinion - reason to believe - held that:- In the instant case, the District Valuation Officer's report constitutes relevant material in order to enable the Assessing Officer to form an opinion that income has escaped assessment. - it is not a case of change of opinion - decided in favor of revenue. Un-explained investment has escaped assessment under section 69 - addition under section 69 on the basis of valuation done by the Departmental Valuer under section 142A of the Act - Purchase price has not been fully disclosed in the books of the assessee – Held that:- value of property has not been disclosed fully by the assessee in the books of account, it is covered by the provisions of section 69B and consequently, the Assessing Officer was justified in making the reference under section 142A of the Act. Accordingly, we do not find any infirmity in the order of the learned Commissioner of Income-tax (Appeals) confirming the action of the Assessing Officer for making reference under section 142A of the Act. Valuation on the basis of property in a locality - remote area or same locality - held that:- Since the Punjabi Bagh and Rajouri Garden are at a distance of 2-3 kms. and located near the Ring Road, the land price of the area would be identical. Since the District Valuation Officer has relied on the price of land sold in 1999 subject to certain modification at Rs. 17,186, in our considered opinion, in the absence of negative points, the price adopted by the District Valuation Officer has to be upheld. Adjustment in the price - discount in value - CIT(A) allowed 20% discount - held that:- CIT(A) has not given any reasons for reduction in the value of the land as well as the building, the reduction allowed by the learned Commissioner of Income-tax (Appeals) is not justified. - Decided against the assessee and in favor of revenue.
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