Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (8) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (8) TMI 57 - HC - Income TaxAddition on the basis on CPWD or PWD valuation - Exercise of discretion u/s 69B – Held that:- In the absence of basic records with regard to the extent of materials, the materials purchased and consumed and the accounts thereby incomplete, the AO referred the valuation to the Valuation Officer – the DVO adopted CPWD rates, which were the rates prevalent in Delhi and other cities for working out the cost of construction of the building and the assessee's claim was rejected - when the details regarding the cost of construction at PWD rates for Virudhunagar District is applicable, there is no reason for the Valuation Officer to adopt the rate, which is prevalent at distant places and metropolitan cities like Delhi - the authorities below committed serious error, thus, the matter remitted back to the AO to apply the PWD rates at Virudhunagar District in the year 1998-99 with regard to the cost of construction of the assessee's house, so as to ultimately find out what could be the deemed income u/s 69B for the purpose of assessment –Decided in favour of assessee.
|