1982 (6) TMI 110 - AT - Income Tax

Summary

The assessee constructed a house with a cost of Rs. 95,000. Valuer's certificate valued it at Rs. 94,080, but Govt. valuer valued it at Rs. 1,05,400. Addition of Rs. 10,400 was made by ITO, confirmed by AAC. Tribunal allowed appeal, stating registered valuer's report should be accepted, not Govt. valuer's, as it was closer to construction date. Board's circular also mentioned not to harass smaller assessee unnecessarily. Addition was not justified, appeal allowed.