2002 (6) TMI 37 - HC - Income Tax

Appeal To High Court, Appeal To Appellate Tribunal, Powers Of Tribunal - issue of cost of construction of the Nataraj Cinema hall - From the second successful Departmental appeal of the assessee, the Income-tax Appellate Tribunal was approached by the Department; it has ultimately opined that, considering both sides of the case, the estimate of the valuation of the cinema hall should be Rs.25,00,000. - The question is basically a question of fact only. Under section 260A, for admission, we need not only a question of law, but a substantial one; that is essential for entertainment of appeal and further protracting the proceedings.

Summary

The High Court of Calcutta dismissed the appeal regarding the valuation of the Nataraj Cinema hall at Burdwan for the assessment year 1985-86. The Income-tax Appellate Tribunal estimated the valuation at Rs. 25,00,000, which was deemed reasonable after years of litigation. The appeal was not admitted, confirming the Tribunal's decision as final.