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2005 (1) TMI 71 - HC - Income TaxUnexplained investment - construction of the building - value of construction - opening stock/work-in-progress - "1. Whether the amount received by the assessee by sale of flats/shops made during the year and the amount of unsold stock of flats/shops should have been also considered when the Revenue considered the value of construction made during the year to the tune of Rs. 1,11,96,287 to the opening stock/work-in-progress and the amount indicated by the progress report to the tune of Rs. 2,70,21,070? 2. Whether the assessment in that context made by the Revenue and the conclusion drawn by the Tribunal is perverse and bad in law?" we are of the opinion that this appeal deserves to be allowed resulting in setting aside of the impugned order and remand of the case to the Tribunal to again decide the same afresh on the merits.
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