Home Highlights January 2015 Year 2015 This

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1. Validity of making a reference to the DVO u/s 142A - unexplained expenditure u/s 69C - ejection of books of accounts is a pre-condition for making a reference to DVO and...

2. Undisclosed investment - The assessee failed to maintain quantitative details of major building material used in the construction of the building - In view of the cost...

3. Validity of Referring the matter to DVO - Additions based on valuation report - The High Court noted that the assessee had filed its return for the relevant assessment...

4. Determination of cost of construction account at CPWD rate - AO directed to allow the rate difference of 15% and supervision charges to the extent of 10% in cost of...

5. Unexplained investment - No addition can be made on the basis of the report of the DVO without the books of account being rejected, wherein expenditure relating to the...

6. Difference between the cost of construction as disclosed by assessee and as estimated by the District Valuation Office - no addition could be made without rejecting...

7. Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes estimated the valuation of WIP without mentioning the quantity or rate of the individual item - AO...

8. Capital gain computation - cost of acquisition of the immovable property - The deduction on account of cost of acquisition is to be allowed with reference to the...

9. Unexplained investment u/s. 69 - DDIT (Inv.) could not have referred the question of cost of construction/valuation of the assessee’s building to the Valuation Officer...

10. Reference to Departmental valuation officer [DVO] without first rejecting the books of accounts - The Court reiterated the importance of rejecting the books of accounts...

11. Long term capital gain on sale of plot of land - Cost of improvement being the cost of construction of boundary wall - Having regard to the facts and circumstances of...

12. Capital gain - Valuation of the property sold by the assessee - reference to DVO - ITAT noted that the reference made by the AO to the VO was not in accordance with the...

13. Jurisdiction of CIT(A) to make a reference to DVO to determine the FMV of the property - The Revenue insists that the power is being exercised only under Section 250(4)...

14. Determination of cost of construction - Valuation adopted in respect of the construction of a property at Noida UP. - the state PWD rates should be adopted for computing...

15. Valuation of the property - registered valuer report more acceptable, since the estimate of the DVO is based only on one method of valuation, where as we find that the...