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2014 (11) TMI 174 - AT - Income TaxSustenance of addition of loans and gifts - Addition made based on DVO’s report - Receipts have already been surrendered - Held that:- There is no reason to disbelief the claim of the assessee - the contention of the assessee is accepted and the addition is directed to be deleted. The cost of service extra items and amount estimated at 3% architects fee is directed to be deleted from the estimated cost of investment - rebate of 15% on the total investment estimated by the DVO is to be given for the reason that plinth area rates have been adopted for valuation by the DVO and it has been decided in various orders of the Tribunals that there would be a variation of 15% in the value when plinth area rates are applied as compared to detailed valuation on the basis of quantities - further reduction of 15% of the cost estimated by DVO is directed - deduction of 10% in the cost of construction for the various factors pointed out by the assessee is directed – Decided in favour of assessee.
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