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2014 (3) TMI 262 - ITAT HYDERABADCost of construction adopted by the CIT (A) – Held that:- The assessee has not maintained any accounts with regard to cost of construction of the property - He has not been able to establish by bringing evidence on record the cost of construction at Rs.250 adopted by him - the Assessing Officer cannot rely upon some media advertisement to determine the cost of construction - neither the assessee nor revenue could demonstrate that the cost of construction adopted by the assessee and Assessing Officer was on the basis of any substantive evidence - the claim of the assessee and conclusion of the Assessing Officer cannot be accepted - when there is no material on record to determine the cost of construction then it has to be arrived at on a reasonable basis - As can be seen from the observation made by the CIT (A), she has adopted the cost of construction on the basis of SRO’s estimate which at least has some basis - the conclusion arrived at by the CIT (A) is fair and reasonable and needs no interference – the order of the CIT(A) upheld – Decided against Assessee.
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