2013 (10) TMI 427

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.... JUDGEMENT:- This appeal by the revenue under Section 260A of the Income Tax Act, 1961 arises from second round of litigation pertaining to assessment year 2002-03. In the first round, Income Tax Appellate Tribunal, upheld the re-opening of assessment but had passed an order of remit to the assessing officer for fresh adjudication to determine the actual cost of construction incurred by the bu....

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.... is submitted that the value of the consideration i.e. cost of construction of the building should be calculated and determined on the basis of District Valuation Officer's (for short, 'DVO') report who had relied on CPWD rates. 4. On the first issue, we find that the Tribunal in paragraph 4.4 of the order has referred to the letter dated 22.06.2000 written by architect H.R.Suri, that the build....

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....accounts of M/s. Devika Builders Pvt. Ltd. upto the said financial year are relevant. Findings of the tribunal are factual. 6. On the second issue, Tribunal has not accepted the calculations made by the DVO. They have relied on the books of accounts and the cost of construction as recorded in the books of the builder, M/s Devika Builders Pvt. Ltd. The said builder was issued notice under Sectio....

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....oner of Income Tax (Appeals) has recorded that the assessee had also incurred expenses of Rs.53,47,097/- on building/cost of construction before contract was entered into with the builder-M/s. Devika Builders Pvt. Ltd. The tribunal accordingly held that the figure given in the books of account was the most authentic figure as that was the actual amount which was spent on construction. No discrepan....