https://www.taxtmi.com/caselaws?id=350322 The High Court dismissed the Tax Case Appeal, upholding the decision of the Commissioner of Income Tax (Appeals) and the Tribunal to delete additions made by the Assessing Officer to the income declared by the respondent-assessee for the Assessment Year 2009-10. The Court emphasized the necessity of rejecting books of accounts before referring valuation matters to the District Valuation Officer and clarified that costs of improvements made by purchasers should be considered income for the purchasers, not the respondent-assessee. The judgment relied on the precedent set by the Supreme Court in Sargam Cinema to support its decision. en-us Wed, 20 Sep 2017 00:00:00 +0530 Sat, 24 Feb 2018 14:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350322 The High Court dismissed the Tax Case Appeal, upholding the decision of the Commissioner of Income Tax (Appeals) and the Tribunal to delete additions made by the Assessing Officer to the income declared by the respondent-assessee for the Assessment Year 2009-10. The Court emphasized the necessity of rejecting books of accounts before referring valuation matters to the District Valuation Officer and clarified that costs of improvements made by purchasers should be considered income for the purchasers, not the respondent-assessee. The judgment relied on the precedent set by the Supreme Court in Sargam Cinema to support its decision. Case-Laws Income Tax Wed, 20 Sep 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350322