2018 (11) TMI 505

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Respondent : Shri AR.V. Sreenivasan, JCIT ORDER PER A. MOHAN ALANKAMONY, AM:- This appeal by the assessee is directed against the order passed by the learned Commissioner of Income Tax(Appeals)-1, Coimbatore, order dated 23.02.2017 in Appeal No.140/15-16 for the assessment year 2012-13 passed U/s. 250(6) r.w.s. 143(3) of the Act. 2. The assessee has raised several grounds in her app....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e return of income. 4. The lone issue before us for consideration is whether the value of closing stock of land determined by the Ld.AO at Rs. 53,03,690/-, which was not disclosed by the assessee in her return of income by stating that the plots of land situated at CRM Semmozhi Nagar extending to 19,793 sq.ft., and Santosh Avenue extending to 35,421 sq.ft., does not have any realizable value is....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Avenue is 'Nil' as it did not have any realizable value. It was therefore pleaded that the addition made by the Ld.Revenue Authorities may be deleted. The Ld.DR on the other hand argued in support of the orders of the Ld.Revenue Authorities and pleaded for confirming the same. 6. We have heard the rival submissions and carefully perused the materials available on record. We do not find any mer....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....uded the development cost of Rs. 153.41 per sq.ft.,. We do not find any merit in the same. The sale value of the land will fluctuate from one plot to another due to various reasons. Therefore the earlier sale value of the land cannot be taken as a decisive factor to estimate the value of land that remains to be sold viz., the closing stock of land. Further when the development cost is also added t....