https://www.taxtmi.com/caselaws?id=355944 The Tribunal upheld the initiation of reassessment proceedings under Section 147 based on tangible material indicating income had escaped assessment. The Tribunal justified the reference to the DVO for estimating the cost of construction due to the lack of supporting evidence. The cost of construction declared by the assessee was not accepted, and the valuation by the DVO was deemed necessary. The Tribunal directed a re-examination by the AO on various valuation aspects and division of costs over different financial years. The Revenue's appeal was dismissed, and the assessee's appeals were partly allowed for statistical purposes. en-us Fri, 16 Feb 2018 00:00:00 +0530 Thu, 22 Feb 2018 06:36:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355944 The Tribunal upheld the initiation of reassessment proceedings under Section 147 based on tangible material indicating income had escaped assessment. The Tribunal justified the reference to the DVO for estimating the cost of construction due to the lack of supporting evidence. The cost of construction declared by the assessee was not accepted, and the valuation by the DVO was deemed necessary. The Tribunal directed a re-examination by the AO on various valuation aspects and division of costs over different financial years. The Revenue's appeal was dismissed, and the assessee's appeals were partly allowed for statistical purposes. Case-Laws Income Tax Fri, 16 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355944