TMI Blog2013 (10) TMI 427X X X X Extracts X X X X X X X X Extracts X X X X ..... ing as on 31st March, 2002 - 50% share was Rs.1,39,30,068/- - Figure given in the books of account was the most authentic figure as that was the actual amount which was spent on construction. No discrepancies were found in the books of accounts of M/s. Devika Builders Pvt. Ltd. Valuation report per se have an element of discretion and are a matter of opinion. To this figure of Rs.1,39,31,000/-, an amount of Rs.30,00,000/- paid to the respondent-assessee by M/s. Devika Builders Pvt. Ltd. was added. Thus, the sale consideration received on transfer was computed at Rs.1,69,31,000/ - - Decided against the Revenue. - ITA No. 164/2013 - - - Dated:- 9-9-2013 - Sanjiv Khanna And Sanjeev Sachdeva, JJ. For the Appellant : Kamal Sawhney, Adv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... find that the Tribunal in paragraph 4.4 of the order has referred to the letter dated 22.06.2000 written by architect H.R.Suri, that the building had been constructed pursuant to plans passed on 11.12.1996 and application for grant of form CandD were being processed. The Tribunal came to the conclusion that the building was completed in the financial year 2000-01. 5. Learned counsel for the appellant has drawn our attention to the assessment order and the finding recorded that M/s. Devika Builders Pvt. Ltd. had continued to spend money on construction up to 31st March, 2006. However, the assessee?s contention was that after construction, the building was apportioned and M/s. Devika Builders Pvt. Ltd. may have upgraded or incurred expenses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lding/cost of construction before contract was entered into with the builder-M/s. Devika Builders Pvt. Ltd. The tribunal accordingly held that the figure given in the books of account was the most authentic figure as that was the actual amount which was spent on construction. No discrepancies were found in the books of accounts of M/s. Devika Builders Pvt. Ltd. Valuation report per se have an element of discretion and are a matter of opinion. To this figure of Rs.1,39,31,000/-, an amount of Rs.30,00,000/- paid to the respondent-assessee by M/s. Devika Builders Pvt. Ltd. was added. Thus, the sale consideration received on transfer was computed at Rs.1,69,31,000/. 8. The findings recorded by the tribunal are findings of fact. The tribunal h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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