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2012 (11) TMI 464 - AT - Income TaxUnexplained investment in the factory building - case referred to DVO - Held that:- A.O. did not reject the books of account regularly maintained by the assessee by invoking section 145(3). The assessee raised the ground before the CIT(A) that reference under section 142A to the D.V.O. is without jurisdiction as the A.O. did not reject the books of account. The CIT (A) rejected the assessee's contention with general observation without pointing out serious infirmity in the books of account maintained by the assessee. The CIT (A) on general presumption stated that the cost of construction recorded in the books of account is not supported by bills and vouchers without pointing out any specific instances. The CIT(A) has failed to point out any material in support of his finding that the books of account maintained by the assessee is liable to be rejected under auction 145(3). No convincing reasons why the CIT(A) has estimated cost of construction only on the basis of D.V.O.'s. report when the A.O. made reference to D.V.O. without rejecting books of account regularly maintained by the assessee - order of the CIT(A) is set aside by deleting the addition sustained by the CIT(A) - in favour of assessee.
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