2008 (12) TMI 742

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....truction of property located in the State of Haryana ? (b) Whether on account of non-finalization of HPWD rates the CPWD rates would be deemed to be applicable ? (c) Whether the Revenue authorities have erred in law by wrongly treating advances as cash credits by applying s. 68 of the IT Act ? (d) Whether the Revenue can be permitted to make double addition of the same item (advances in the present case) in the assessable income of the assessee ? (e) Whether the contradictory findings of the Revenue authorities can be applied to the prejudice of the appellant ? (f) Whether the Revenue authorities have wrongly interpreted and applied the Civil Court judgment ? (g) Whether the onus to disclose the source of income of the sou....

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..... 4. The Tribunal has affirmed the view taken by the appellate authority. 5. The Tribunal considered two issues : (i) addition on account of cost of construction and (ii) addition on account of cash credits. 6. As regards the cost of construction, the Tribunal held as under : "On the other hand, it is also clear from the orders of the authorities below that the valuation report of the registered valuer suffered from grave infirmity, inasmuch as it did not take into account a number of items used by the assessee for construction of the property. In such circumstances, we do not find any reason to agree with the learned counsel that it was defective on account of adoption of CPWD rates." As regards the cash credits, the f....