TaxTMI 
TaxTMI 
2016 (2) TMI 1139
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.... R D E R PER N.R.S.GANESAN, JUDICIAL MEMBER This appeal of the Revenue is directed against the order of the Commissioner of Income-tax (Appeals)VIII, Chennai, dated 14.6.2012 and pertains to assessment year 2009-10. 2. Shri A.V. Sreekanth, ld. Departmental Representative submitted that during the year under consideration the assessee constructed a flat at Old Mahabalipuram Road. The construct....
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....rates for estimating the cost of construction. The Assessing Officer after considering the objection of the assessee, found that as per the books of account of the assessee, the cost of construction was Rs. 45,13,46,810/-. However, the DVO estimated the cost of construction at ` 48,45,39,000/-. The difference of Rs. 3,31,92,190/- was found to be unaccounted investment made by the assessee for cons....
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....WD rates would be more appropriate for estimating the cost of construction. The ld. Counsel further submitted that after constructing the flats, the assessee has sold the flats to various individual customers. The Valuation Officer without ascertaining the improvement made by the purchasers of the flats, estimated the cost of construction. According to the ld. Counsel, if at all there was any addi....