TMI Blog2012 (10) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... the said 13 appeals relatable to M/s Ambience Developers Pvt Ltd, M/s Ambience Projects Infra Pvt. Ltd. and Ambience Hotels Resorts Ltd. is sought to be questioned. The Tribunal had by the impugned common order rejected the Revenue's appeals, holding that there was no reason to interfere with the directions to delete the disallowance, originally ordered by the Assessing Officer on account of cost of construction and sought to be brought to tax under Section-69C of the Income Tax Act. 2. At the outset, it is submitted by counsel that the main order made in the case of M/s. Ambience Developers and Infrastructure Pvt. Ltd. (ITA Nos.2376-2381/del/2011) by the ITAT had, in almost identical circumstances - where a report of the valuer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee and what was assessed by the Valuation Officer was to the extent of 3.86%. The Court had concluded as follows: - 15. It is also a matter of record that an Office Note had been made by the AO, when the assessment order was issued. That contained details of what were examined, in respect of the assessee's books and accounts, and also adverted to an Appraisal Report, and stated that: as per the Appraisal Report, the bank accounts of the group companies also reveals a large number of other current and saving bank accounts, which need to be investigated. In this case, there are very few transactions which have been examined and found to be normal business transactions with other concerns, and have been explained satisfact ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ced mainly on the decision of Hon'ble Delhi High Court in the case of CIT vs. AAR PEE Apartments Pvt. Ltd. (2009) 319 ITR 276 (Del). Secondly, the reference to DVO was challenged on the ground that no defect has been pointed out in the books of account which are regularly maintained by the assessee and are audited. Without pointing out any defects in the books of account no addition, whatsoever, could be made on account of difference in the cost of construction shown by the assessee and estimated by DVO and for raising such contention the reliance was mainly placed on the decision of Hon'ble Supreme Court in the case of Sargam Cinema vs. CIT (2010) 328 ITR 513 (SC). Thirdly, the addition was challenged on the ground that the differe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the learned DR could not controvert this fact, therefore, respectfully following the aforementioned decision of coordinate Bench, we found no merit in these departmental appeals and thus are dismissed. 5. In the opinion of this Court, the facts being virtually the same and the variation in the cost of construction being in fact lower than that in the main case i.e. CIT v. M/s. Ambience Developers and Infrastructure Pvt. Ltd., no fault can be found with the Tribunal's reasoning in the orders impugned in the present appeals pertaining to the three assessees, i.e., M/s Ambience Developers Pvt Ltd, M/s Ambience Projects Infra Pvt. Ltd. and Ambience Hotels Resorts Ltd. 6. Consequently, following this Court's previous judgm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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