TaxTMI 
TaxTMI 
2022 (5) TMI 822
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....learned CIT(A) has simply disbelieved the assessee's averments simply on conjectures and surmises, duly supported by irrefutable evidences. iii. Because the learned CIT(A) has drawn illogical conclusions to the effect that the property purchased for Rs. 6,60,000/- can be sold for Rs. 23,00,000/- can be sold for Rs. 23,00,000/- just after 2.5 months without making any improvements therein. iv. Because the learned CIT(A) as well as the learned Assessing Officer have failed to appreciate that the two conveyance deeds clearly gave description of the properties and the addition made to the property can clearly be seen by comparing the deeds. v. Because the learned CIT(A) as well as the learned Assessing Officer have erred in simply dis....
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....icer before the CIT(A) but could not succeed. 3. Before the Tribunal, the learned AR of the assessee has submitted that the purchase deed dated 09.01.2013 and sale deed dated 20.03.2013 clearly shows the existence of the property at the time of purchase as well as at the time of sale. He has submitted that at the time of purchase only ground floor and small portion at first floor was in existence and the construction upto second floor was done after purchase of property and before the sale of the second floor. The learned AR has referred to the description of the property in the schedule of property as part of the purchased deed as well as part of the sale deed. He has also referred to the photographs of the property and site plan being th....
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.... of the building of second floor before the sale of property on 23.03.2013. The assessee has purchased the property on 09.01.2013 from his family members and thus the actual state of property and total investment in the property has to be proved by the assessee which he failed. Nothing has been produced about the purchase of material or approval of the local authority for construction. The valuation report of the property carry no evidentiary value in the absence of any independent evidence. He has relied upon orders of the authorities below. 5. I have considered the rival submissions as well as the relevant material on record. The fact of the purchase of the property by the assessee bearing House No. B-37/171A, vide registered sale deed d....
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....see produced the valuation report in support of the cost of construction though no other evidence regarding the expenditure incurred on purchase of construction material etc., is produced by the assessee. However, the construction cannot be carried out without the cost thereof. Even if the assessee has failed to produce the supporting evidence towards the expenditure incurred on the construction, the same can be estimated by applying the prevailing rate of cost of construction having regard to the quality of the construction. The assessee has produced the estimated cost of construction through the valuation report which was not accepted by the Assessing Officer. However, the Assessing Officer has also not carried out any enquiry to find out....