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2014 (4) TMI 386 - AT - Income TaxValuation of opening stock – Ascertainment of cost of sale – Held that:- The total area supposed to have been sold by the assessee comes to 78,322 sq. ft. in the project, assessee could furnish total area sold only up to 64,998 sq. ft. and the area sold in A.Y. 2003-04 could not be furnished – the assessee was unable to furnish the complete details of area sold year-wise in the entire project even at this point of time - In the absence of any explanation or details by the assessee the order of the AO is found to be reasonable and he has given relief from the original amount of Rs. 52 lakhs made as an addition in the first round of assessment to Rs.32,46,099/- as a result of his own working, whatever shortcomings may be - there is no reason to set aside again to the AO for fresh examination in the light of analysis - Assessee is not forthcoming with any information and in fact, asked for specific details of year-wise constructed area and the total area sold which is also not forthcoming from the assessee – thus, there was no option than to confirm the order of the AO Decided against Assessee.
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