https://www.taxtmi.com/caselaws?id=207817 Reopening under section 148 is supported where the Assessing Officer has credible material creating a bona fide belief of escapement; the sufficiency of that material is not examined at the notice stage. A valuation reference under section 142A does not require prior rejection of the books of account when the issue is under-stated investment, and the valuation report may consider the assessee's records. For construction-cost estimation, CPWD rates may be preferred over Kerala PWD rates where they are found more reliable for the structure. An addition under section 69B must be confined to the investment actually made in the relevant year, so construction expenditure spanning multiple years requires year-wise apportionment. en-us Tue, 31 May 2011 00:00:00 +0530 Mon, 26 Dec 2011 08:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207817 Reopening under section 148 is supported where the Assessing Officer has credible material creating a bona fide belief of escapement; the sufficiency of that material is not examined at the notice stage. A valuation reference under section 142A does not require prior rejection of the books of account when the issue is under-stated investment, and the valuation report may consider the assessee's records. For construction-cost estimation, CPWD rates may be preferred over Kerala PWD rates where they are found more reliable for the structure. An addition under section 69B must be confined to the investment actually made in the relevant year, so construction expenditure spanning multiple years requires year-wise apportionment. Case-Laws Income Tax Tue, 31 May 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207817