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2013 (12) TMI 1200 - HC - Income TaxGenuineness of unsecured loans - Held that - The Tribunal found that both the creditors had appeared and confirmed the advances - The assessee had discharged the initial onus that lay upon it by bringing on record necessary confirmation, source of deposits and had produced the creditors, who had admitted making of advances - The nature and source of the credit was proved, and thus the assessee had discharged the burden - Decided against Revenue. Valuation - Deduction of self supervision charges - Determination of cost of construction as the supervision charges as against 10% claimed by the assessee by its Directors - Held that:- The Tribunal found the allowance for self supervision at 10% to be justified on the basis of several decisions of the Tribunal. On the architect's fees as added by DVO at 1% of the cost, the Tribunal did not find any error in the order of CIT (A) in directing the AO to substitute the estimated cost on account of architect fee with the actual cost incurred at about 2% - The Tribunal found that the findings of CIT (A) on the expenses or constructions such as supervision charges, bank commission, plans approval, expenditure, expenses for Form 32 for purchase of material, municipal taxes and fertiliser were justified - The CIT (A) had worked out the difference between the estimated cost in terms of DVO's report and modified the cost after allowing the supervision charges and adjusting architect fees - These, according to the Tribunal, were findings of fact - Decided against Revenue.
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