The assessee was engaged in the business of property development. During year, the assessee sold several flats and received sale consideration. The AO held that the income on the sale of flats was available to tax in the assessment year 2004-05 and not in the assessment year 2005-06 on the basis that the project was completed in the previous year relevant to the assessment year 2004-05 and not assessment year 2005-06. However, the income offered by assessee for the assessment year 2005-06 was assessed on protective basis. Further, he found that there was suppression of sales value in respect of six flats. Thus, he made an addition on account of suppressed sales value in respect of six flats. CIT(A) partly allowed the assessee’s appeal holding that the project was completed in the assessment year 2005-06 and not in the assessment year 2004-05. However, he rejected the books of account under S. 145(3) and completed the assessment on best judgment basis. CIT (A) held that there was an understatement of sales value in respect of all twelve flats as there was suppression of value in all the twelve flats of the project, as the market rate then was Rs. 8,992 per sq. ft. for the assessment year 2005-06. Thus, the above rate of Rs. 8,992 per sq. ft. was applied to all the twelve flats to enhance the assessment to certain amount. On appeal Tribunal set aside the order of CIT (A) and held that neither the AO nor the CIT(A) had any material on record to show that the assessee received more than what was shown in the sale-deeds. Moreover, it held that there was no occasion to apply section 145(3) so as to reject the books in the absence of any defect in the books on account of being found. Thus, it deleted the enhancement of assessment. On appeal by the revenue, high Court affirmed the order of the Tribunal and also held that, provision introduced with effect from 1-4-2014 for deeming consideration received on sale of goods/assets on basis of stamp duty valuation would be applicable prospectively.   (AY. 2005-06)