https://www.taxtmi.com/caselaws?id=352398 The ITAT allowed the appeal, overturning the CIT(A)'s decision to disallow construction expenses in computing capital gains. The ITAT emphasized the lack of evidence supporting the assessing officer's allegations of falsity, noting the contractor's confirmation of work done and submitted bills. Highlighting the burden of proof on the party alleging falsity, the ITAT found discrepancies in the fixed assets schedule, supporting the assessee's position. Ultimately, the ITAT ruled that the assessing officer's addition was based on assumptions without concrete evidence, leading to the deletion of the addition. en-us Mon, 11 Dec 2017 00:00:00 +0530 Thu, 14 Dec 2017 09:56:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=352398 The ITAT allowed the appeal, overturning the CIT(A)'s decision to disallow construction expenses in computing capital gains. The ITAT emphasized the lack of evidence supporting the assessing officer's allegations of falsity, noting the contractor's confirmation of work done and submitted bills. Highlighting the burden of proof on the party alleging falsity, the ITAT found discrepancies in the fixed assets schedule, supporting the assessee's position. Ultimately, the ITAT ruled that the assessing officer's addition was based on assumptions without concrete evidence, leading to the deletion of the addition. Case-Laws Income Tax Mon, 11 Dec 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=352398