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2015 (7) TMI 449 - PUNJAB & HARYANA HIGH COURT

2015 (7) TMI 449 - PUNJAB & HARYANA HIGH COURT - TMI - Addition on account on expenditure on undisclosed construction - Ignoring the expert opinion of the valuation officer - Held that:- A perusal of the paperbook would go on to show that the houses were situated at different places in the town of Ludhiana and as noticed, the construction was also at various stages and the Tribunal had rightly granted the benefit of the margin that some houses were half complete whereas the valuation had been do .....

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on. - Accordingly appeal dismissed. - ITA No. 365 of 2013(O&M) - Dated:- 21-5-2015 - S J Vazifdar, ACJ And G S Sandhawalia,JJ. For the Appellant : Mr Ravi Shankar, Adv. For the Respondent : Mr Rohit Kaura, Adv. ORDER G. S. Sandhawalia,J. 1. This judgment shall dispose of ITA Nos.365 & 368 of 2013, since the questions of law are common between the parties. However, to dictate orders, facts have been taken from ITA No.365 of 2013 titled Commissioner of Income Tax (Central), Ludhiana Vs. Pa .....

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ny addition of ₹ 15 lacs on account of expenditure on undisclosed construction instead of ₹ 49,43,391/- as sustained by the Ld. CIT(A). 1.(b) Whether the ITAT, not being an authority expert in valuation of property, is right in directing the AO to make an addition of ₹ 15 lacs ignoring the expert opinion of the Valuation Officer. 2. Whether the ITAT is right in ignoring the facts that there is no provision to refer the case for valuation to the Valuation Cell to apply PWD rates .....

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ter giving a thoughtful consideration had not accepted the objections of the assessee." 4. A search was conducted under Section 132 of the Act by the Revenue upon the respondent-assessee, who is a builder, on 11.09.2007 and loose papers/documents were found. The assessee filed a return on 26.03.2009 declaring total income at ₹ 55,25,000/- in response to the notice under Section 142 of the Act, after claiming deduction under Section 80C to the tune of ₹ 1 lac. The income included .....

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e at ₹ 1,12,25,326/- after giving the benefit of the amount disclosed. 5. The respondent-assessee filed an appeal before the Commissioner, Income Tax (Appeals) (for short, the 'CIT') who vide his order dated 13.03.2012 (Annexure A2), took into account the valuation done with respect to one property at 153-A, Model Town, Ludhiana only by coming to the conclusion that the issue involved in respect of other properties were on the same lines. The CIT only gave the benefit of 5% of the .....

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