https://www.taxtmi.com/caselaws?id=195685 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition made by the Assessing Officer in assessing the construction cost. Emphasizing the importance of maintaining proper books of account, the Tribunal ruled that the Assessing Officer cannot estimate construction cost without validly rejecting the books. Additionally, it clarified that improvements made by purchasers should not be attributed to the assessee. The decision underscored the need for proper accounting practices and the distinction between the responsibilities of the assessee and purchasers in such matters. en-us Fri, 19 Feb 2016 00:00:00 +0530 Tue, 07 Nov 2017 19:33:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=195685 The Tribunal dismissed the Revenue's appeal and upheld the CIT(A)'s decision to delete the addition made by the Assessing Officer in assessing the construction cost. Emphasizing the importance of maintaining proper books of account, the Tribunal ruled that the Assessing Officer cannot estimate construction cost without validly rejecting the books. Additionally, it clarified that improvements made by purchasers should not be attributed to the assessee. The decision underscored the need for proper accounting practices and the distinction between the responsibilities of the assessee and purchasers in such matters. Case-Laws Income Tax Fri, 19 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=195685