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2013 (7) TMI 938 - ITAT DELHIPenalty u/s 271(1)(c) - additions on account of difference in cost of construction of the house - Held that:- In assessee’s case does not warrant any imposition of penalty because books of account were audited and cost of construction was duly recorded; return was filed on this basis; thus a proper disclosure in the return of income was made; and on top of that assessee submitted registered valuer’s report. So what I find on record are three different estimates of valuers which have equal evidentiary value i.e. registered valuer’s report which supports assessee’s cost of construction; CPWD valuation which is not accepted by ITAT and PWD report which has certain unanswered issues and assessee’s year wise audited books of accounts which are not rejected and returns are filed accordingly. Penalties u/s 271(1)(c) levied by the assessing officer and confirmed by the CIT(A) for all the years under consideration are deleted.
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