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2011 (9) TMI 256 - HC - Income TaxClosing work in progress - undervaluation - Construction of additional floors in the premises - whether the cost of construction incurred by the assessee should have been divided by 3 or by 5. - Held that:- Insofar as the assessee is concerned, it acquired three floors namely basement, ground and third floor and as is the business proposition for these three floors, it incurred the entire cost. Therefore, insofar as the assessee is concerned, cost which was borne by the assessee for these three floors had to be taken into consideration and not five floors. - Tribunal was not right in deleting the addition made by the Assessing Officer. At the same time, it is noted that this issue is not looked into and considered even by the AO in its proper perspective. - Remanded back to the AO with direction to arrive at the value of 'closing work in progress'.
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