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2004 (9) TMI 47 - HC - Income TaxAssessing Officer did not accept the return and completed the assessment under section 143(3) by taking recourse to section 145 - Assessing Officer was of the view that the method of accounting employed by the assessee led to a fictitious profit being offered to tax and did not permit the correct income to be deduced. The Assessing Officer, therefore, adopted a different computation of income by exercising power under section 145 – CIT holding that order of AO is prejudicial to interest of Revenue set aside the order of AO on ground that AO had failed to take notice of two relevant items while determining the value of the gross work i.e. value of opening stock and cost of land on which the flats/shops were constructed – Held that Tribunal has rightly held that there was no error or prejudice to the interests of the Revenue in so far as non-inclusion of the cost of land – appeal is allowed in part and modify the order of the revisional authority and restrict the direction for fresh assessment by adding only cost of opening stock, to arrive at the gross profit and consequential income
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