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2015 (6) TMI 963 - AT - Income TaxReopening of assessment - difference of cost of construction shown by the appellant and cost of construction estimated by the Departmental Valuer by way of unexplained investment - Held that:- Re-opening in this case has been done on the basis of DVO’s report only. The report of the DVO is an estimate of the amount spent in the cost of construction of building, and it could not be said that it is an “information” to justify the reopening of the assessment. This issue is covered in favour of the assessee with the series of decisions of the Hon’ble Courts including that of Assistant Commissioner of Income-tax v. Dhariya Construction Co. ( 2010 (2) TMI 612 - Supreme Court of India). It is well settled that the valuation is matter of estimate only and two valuers would not arrive at the same figure of value of the property, and therefore, any estimate made by a valuer could not be said to be “information” to justify the reopening of the assessment under section 147 of the Act - Decided in favour of assessee.
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