Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (2) TMI 526 - ITAT DELHIDisallowance of development expenses - assessee could not produce the supporting evidences - grievance of the assessee is that the authority erroneously disallowed the expenses purely on estimation basis - HELD THAT:- Undisputedly, the Assessing Authority has made the impugned addition on the basis of estimation. Coupled with the fact that the Valuation Report was not supported by the relevant evidences. The assessee has filed Valuation Report by Sabharwal Associates who has computed total cost of construction at Rs.44,44,000/-. AO has recorded the finding that the assessee failed to produce complete vouchers/bills in support of his claim. Looking to the facts of the present case where the assessee has claimed to have incurred expenses on development for claiming deduction of such expenditure, it was incumbent upon the assessee to produce complete vouchers and other credible evidence for proving the veracity of expenses. Therefore, do not see any infirmity into the impugned order of authorities below. Thus, Ground No.1 raised by the assessee is therefore, dismissed. Valuation of stock at a higher rate - HELD THAT:- AO has valued stocks at the rate of Rs.2,500/- per square meter and Rs.466/- per square meter on development charges. The assessee failed to controvert the finding of lower authorities.Ground Nos. 2 & 3 raised by the assessee are dismissed.
|