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TMI Blog2003 (11) TMI 552X X X X Extracts X X X X X X X X Extracts X X X X ..... M. - This is an appeal filed by the department against the order of the ld. DCIT(A) dated 23-6-1997 for the assessment year 1992-93. 2. The first and second grievances of the department are pertaining to the estimation made by the DVO regarding cost of construction. 3. After hearing both the parties and on perusal of materials available on record, it appears that the assessee has constructed a p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n Officer to act in his capacity as Valuation Officer otherwise that in discharge of his statutory functions. He cannot be called upon, nor would have the jurisdiction to give a report to the Assessing Officer under the Income-tax Act except when a reference is made under and in terms of section 55A or to a competent authority under section 269L." 5. In the light of above discussion and by consid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taken for the purposes of business. The Assessing Officer has disallowed the same but the ld. DCIT(A) has allowed it. 7. After hearing both the parties and on perusal of materials available on record, it appears that the assessee has partly used the borrowed funds for the construction of the house and partly used borrowed funds for the purposes of business. When it is so then we modify the order ..... X X X X Extracts X X X X X X X X Extracts X X X X
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