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TMI Blog2023 (2) TMI 526X X X X Extracts X X X X X X X X Extracts X X X X ..... o the facts of the present case where the assessee has claimed to have incurred expenses on development for claiming deduction of such expenditure, it was incumbent upon the assessee to produce complete vouchers and other credible evidence for proving the veracity of expenses. Therefore, do not see any infirmity into the impugned order of authorities below. Thus, Ground No.1 raised by the assessee is therefore, dismissed. Valuation of stock at a higher rate - HELD THAT:- AO has valued stocks at the rate of Rs.2,500/- per square meter and Rs.466/- per square meter on development charges. The assessee failed to controvert the finding of lower authorities.Ground Nos. 2 3 raised by the assessee are dismissed. - ITA No. 4971/Del/2019 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing the proceedings since 26.07.2021 despite notices sent through Registry. It is seen from the records that some of the notices have been returned back unserved by the Postal Authority. The assessee has not provided any current address to the Registry. Therefore, the appeal is taken up for hearing in the absence of the assessee and disposed off on the basis of material available on record. 4. Facts giving rise to the present appeal are that the assessee filed its return of income declaring total income at Rs.9,14,240/- on 31.03.2011. The case of the assessee was picked up for scrutiny assessment and the assessment was framed u/s 143(3) of the Income Tax Act, 1961 ( the Act ) by the Assessing Officer ( AO ) vide order dated 28.01.2013. T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1: The assessee has raised in this ground against the disallowance of Rs.3,20,000/- from the development charges. The assessee in support of his claim for development expenses had submitted valuation report of a registered valuer of Rs 41,44,000/- and on account of electrification charges etc for Rs 6,44,900/- totaling to Rs 47,85,909/-. However the assessee has claimed that actually he has incurred expenses of Rs.45,00,000/- which was taken for the purpose of claiming development expenses in the return of Income. Since the assessee has a share of 35.56% in the total land area so the share of assessee comes to Rs.16,00,200/- being 20% of the total cost of development of Rs.45,00,000/-. The A.O has not disputed the valuation re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ely on estimation basis. I find that the AO has recorded the finding that the assessee failed to produce complete vouchers/bills in support of his claim. Looking to the facts of the present case where the assessee has claimed to have incurred expenses on development for claiming deduction of such expenditure, it was incumbent upon the assessee to produce complete vouchers and other credible evidence for proving the veracity of expenses. I therefore, do not see any infirmity into the impugned order of authorities below. Thus, Ground No.1 raised by the assessee is therefore, dismissed. 11. Ground Nos. 2 3 raised by the assessee are against valuation of stock at a higher rate and thereby, making impugned addition of Rs.10,25,844/-. 12. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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