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2011 (2) TMI 685 - AT - Income TaxAddition - Value of property - Assessing Officer held that Rs.32.44.810/- being the difference between the sale value declared and the valuation done by the valuation cell was to be added to the income of the assessee - Assessing Officer has not pointed out any defect in the books of account of the assessee, nor any incriminating material has been found by the Revenue - Thus,there was no occasion to refer the property for valuation - Thus the assessee is engaged in the business of construction and sale and purchase of properties, the value has to be examined from the point of view of books of accounts and documents found and produced - Hence,the Assessing Officer has erred in referring to valuation cell items in which assessee deals in - Accordingly, set aside the orders of the authorities below and delete the addition.
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