Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (2) TMI 1139 - ITAT CHENNAIReference of matter to DVO - non rejection of books of accounts - unaccounted investment - Held that:- As rightly contended by the ld. Counsel for the assessee, when the assessee is maintaining books of account, the Assessing Officer cannot refer the matter to the DVO without rejecting the books of account maintained by the assessee. It is also not in dispute that the assessee has sold the flats and majority of the purchasers of the flat occupied the same. Therefore, the improvement made by the respective purchasers of the flat has to be considered only in the hands of the respective purchasers and not in the hands of the assessee. As observed by the CIT(A), when the purchasers of the flats engaged the contractors to make improvement in the flats, this Tribunal is of the considered opinion that no addition can be made in the hands of the present assessee. In view of the above, this Tribunal do not find any reason to interfere with the order of the CIT(A). - Decided against revenue
|