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TMI Blog1981 (1) TMI 144X X X X Extracts X X X X X X X X Extracts X X X X ..... from business. According to the ITO during the year under consideration the assessee completed the construction of his ancestral house and part from construction of his house he also purchased a building for Rs. 18,000. The ITO further observed that in addition to the cost of building at Rs. 18,000 the assessee paid registration charges at Rs. 1,800 and inclusive of other miscellaneous expenses, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Rs. 252 for Balcony. Thus total comes to Rs. 25,274. The ITO also estimated and cost of construction of lavatory, sanitary wares and electric fittings at Rs. 2,527. As such he worked out the cost of construction at Rs. 27,801 and after allowing a deduction for self supervision charges at Rs. 2,343 he arrived at the figure of Rs. 25,458 being the cost of construction of the ancestral house besi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... according to the assessee he invested Rs. 39,500 on the construction and purchase of the building and as such the investment stands explained. But the ITO, not accepting the explanation furnished by the assessee, added back a sum of Rs. 23,308 as income from undisclosed sources. 3. In appeal the AAC sustained the addition made by the ITO. Hence, this appeal before me. 4. Heard both the ld. cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16,000 which was available with the assessee as per the stand taken by him for the asst. yr. 1976-77 while it was seen that the authorities below have not considered this aspect of the matter while making the addition of Rs. 23,308. This availability of stock of Rs. 16,000 is further supported by the assessee for the year under consideration also. If there was no stock how the assessee could be s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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