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2015 (6) TMI 355 - AT - Income TaxUnexplained investment - CIT(A) deleted the addition - Held that:- The cost incurred by the assessee on construction of college building at Nagasala, Jadcharla was duly reflected in its books of account regularly maintained for the relevant years including the years under consideration. A perusal of the assessment order passed by the Assessing Officer, however, shows that neither any specific or material defect has been pointed out by the Assessing Officer in the books of account maintained by the assessee or in the bills/vouchers maintained in support of construction cost, nor has he rejected the books of account of the assessee, and this position is not disputed even by the Learned Departmental Representative at the time of hearing before us. Thus the books of account disclosing the cost of construction of college building, were never rejected by the Assessing Officer, we find ourselves in agreement with the learned CIT(A) that the reference made by the Assessing Officer to the DVO for estimating the cost of construction itself was not valid and the additions made on the basis of the said report for both the years under consideration are not sustainable - Decided in favour of assesse.
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