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AGGARWAL BUILDCON PVT. LTD Versus ASSTT. COMMISSIONER OF INCOME TAX

Reference to DVO - non recording of defect in books of account - Held that:- Assessing Officer did not find any glaring discrepancy in the books of accounts and the Assessing Officer who had passed the block order had not made any adverse comments on the expenditure so incurred. Thus, when the Assessing Officer recorded a finding that the accounts are duly audited and complete details are available and when the Assessing Officer has not rejected the books of account, he cannot make a reference t .....

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dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal, Rajkot Bench (hereinafter referred to as ITAT) dated 13.10.2005 in ITA No. 778/Rjt/2003 for the Assessment Year 1995-96, the assessee has preferred the present Tax Appeal for consideration of the following substantial question of law: (1) Whether, in the facts and circumstances of the case the Income Tax Tribunal was right in law in holding that even when there are no defects in the books of accounts .....

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ses of the assessee during which some materials were seized which revealed that blank signed and prefabricated vouchers appeared to have been used by the assessee in showing the construction cost of Hans Complex. In view of this, reference was made to the valuation cell for ascertaining the cost of construction. The DVO (Departmental Valuation Officer) valued the cost of construction at ₹ 42,47,576/- as against ₹ 36,92,434/- shown by the assessee. Thereafter, after hearing the assess .....

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de on account of alleged unexplained investment in construction cost. 4. Being aggrieved and dissatisfied with the impugned judgment and order passed by the ITAT, the assessee has preferred the present Tax Appeal for consideration of the aforesaid substantial question of law. 5. Mr. B.S. Soparkar, learned Counsel appearing on behalf of the appellant - assessee has submitted that as such the issue involved in the present Tax Appeal is now not res integra in view of the decision of this Court in T .....

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truction, the expenditure to that extent has to be allowed as deduction of expenditure on the construction. Therefore, net result will remain the same. We, therefore, see no infirmity in the order of the Tribunal. No interference is called for. The appeal stands dismissed at the admission stage. 5.1. Mr. Soparkar submitted that this appeal is also covered by another decision of this Court rendered in the case of Goodluck Automobiles (P.) Ltd. vs. Assistant Commissioner of Income tax reported in .....

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