[aaykarbhavan] No unexplained investment if construction cost was determined as per State PWD rates and not Central PWD rates

No unexplained investment if construction cost was determined as per State PWD rates and not Central PWD rates

November 24, 2014[2014] 49 taxmann.com 526 (Madras)

IT: Where assessee computed cost of construction of building on basis of rate fixed by State PWD, in absence of any circular or notification indicating that Central PWD rate alone was to be adopted in arriving at cost of construction, Assessing Officer was not justified in making addition under section 69 to assessee's income by adopting rates fixed by central PWD in respect of building in question

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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