9911796707
TMI Blog2012 (7) TMI 911X X X X Extracts X X X X X X X X Extracts X X X X ..... made by the A.O. u/s 69B of the Act, ignoring that:- i) the deletion of the addition is in contradiction to the findings at paras 8.6, 8.7 and 8.8 of the Ld.CIT(A) s order. ii) Since the 2nd and 3rd floors of the complex were sold during the financial year 2004-05 the valuation certificate dt. 4.4.2005 giving the actual cost of construction can definitely be considered to be more relevant and genuine than the valuation certificate dt. 10.10.2005 showing the projected cost of construction. 2. The Ld.CIT(A) has erred in deleting the disallowance of ₹ 1,50,00,000/- (actual amount ₹ 1,55,00,000/-) made u/s 69B of the Act by not deciding entirely on merits the contentions of the AO discussed in detail in the assessment order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 3rd floors. The assessee declared capital gains on the sale of 2nd and 3rd floors as detailed below. Sale consideration Rs.5,67,70,000 Cost of construction of 2nd and 3rd floors Rs.5,65,72,958 ------------------------ 1,97,041 ------------------------- 8.3. According to the AO the cost of construction was ₹ 3,95,84,575/- as per the valuer/architect certificate. Hence there is unexplained investment which is worked out as under. Cost according to the AO Rs.5,65,72,958 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and worked out the excess amount of ₹ 1,69,88,383/- to be assessed as unexplained investment. I have gone through the documents brought on record and found the contentions of the AR are tenable and there is no case for addition of ₹ 1,69,88,383 u/s 69B. 6. The Ld.D.R. could not contradict these findings. The total amount actually spent on the entire project by the assessee was ₹ 12.96 crores which included ₹ 3.95 crores on the second and third floor. The second Valuation Certificate dt. 10.10.2005 projected the cost of the 2nd and 3rd floors at ₹ 5.65 crores. This was just a projection whereas the actual amount incurred upto 31.3.2005 was ₹ 3.95 crores only. On these facts we uphold the order of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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