2014 (4) TMI 896

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.... S. Soparkar, Advocate ORDER (Per : Honourable Mr. Justice Akil Kureshi) 1. Revenue has filed these two appeals challenging the judgment of the Income Tax Appellate Tribunal dated 23.08.2013. The issue pertains to the assessment year 2008-09. In the assessment order, the Assessing Officer had added a sum of Rs.3,34,271/under section 69B of the Incometax Act, 1961, by way of unexplained....

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....fficer had rejected the books of accounts of the assessee. It was in this background that the Tribunal relied on the decision of the Supreme Court in the case of Sargam Cinema v. Commissioner of Income-tax, reported in (2010) 328 ITR 513 (SC). This Court in the case of Goodluck Automobiles Pvt. Ltd. v. Assistant Commissioner of Incometax, reported in 359 ITR 306, in the context of this issue refer....

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....nstruction or that he was not satisfied regarding the correctness or completeness of the books of account. Before making the reference to the Valuation Officer for ascertaining the fair price of construction, the Assessing Officer does not appear to have ascertained the correctness or otherwise of the cost of construction shown by the assessee in its books of account. Thus, prior to making the ref....

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.... same. Except for the difference in the estimated cost determined by the Valuation Officer and the actual cost as shown by the assessee, the Assessing Officer has not brought any material on record to establish that the assessee had made any unaccounted investment in the construction of the building in question and that the books of account do not reflect the correct cost of construction. Under th....