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2017 (3) TMI 743 - HC - Income TaxUnexplained investment in excess stock - statement recorded u/Sec.133-A - Held that:- AO has not allowed the cost of construction of ₹ 2,45,000/- as per the revised return filed by the assessee on 14.07.2012 stating that no bills/vouchers for purchase of material for construction purposes were submitted. However it is evident from the purchase deed that constructed area at the time of purchase on 27.03.2003 was 146.31 Sq.Mtrs. Consisting of five rooms, kitchen, garage, store, bathroom and toilet. However as per the sale deed dated 23.02.2011, the old construction was demolished and RCC pillars were constructed over 900 Sq.Ft. As per the decision of collector of stamps, the construction has been valued at ₹ 12,66,056/- as on 27.03.2012 while determining the value for stamp valuation. Also the assessee has submitted the individual balance sheet as on 30.03.2010 wherein the construction for ₹ 2,45,855/- (for indexed cost of improvement of ₹ 2,76,587/-) has been shown. In view of above facts, apparently the assessee has demolished the original construction and made the new construction thereon as per the facts stated above. Accordingly the addition made by the AO to be deleted.
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