Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (9) TMI 1291 - AT - Income TaxProceedings u/s 153C - rework the addition after giving credit for proportionate expenditure on account of pending works for this year and also giving credit for appellant’s returned income on account of sale of flats as directed by CIT(A) - Held that:- We have considered the submissions of the learned DR. We find that additional cost on incomplete project, based on photograph, may not be acceptable. No reasons were adduced for not filing the evidence filed before CIT(A),before the AO. We, therefore, direct the AO to rework the addition if any, after careful consideration of cost records from the assessee. The assessee is, therefore, directed to submit the factual information and proper cost records to the Assessing Officer, not merely the photograph, so as to substantiate its claim. The assessee is also given liberty to file proper estimation from registered valuer. To carry out the above direction of the bench, the entire issue is restored on the file of the AO - Decided in favour of Revenue for statistical purpose.
|