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TMI Blog2015 (7) TMI 52X X X X Extracts X X X X X X X X Extracts X X X X ..... and, cement, the work put by the labourers in hours, the cost of supervision etc. Nothing is mentioned about sand, cement, rod, cost of the labourers etc. More we read this valuation report more absurd appears to be and therefore, rightly Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal has decided the matter in favour of the respondent and no reliance was placed upon the said so called valuation report. If this type of attitude of the department is allowed then for every building any type of report can be given by the such valuer. In fact this valuer should never be appointed as a valuer. He do not know ABC of the valuation at all. There ought to be a Cost Accountant along with efficient Engineer. Hence, both the Auth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case the order passed by ITAT is perverse? 2. Having heard counsels for both the sides and looking to the facts and circumstances of the case, we see no reason to entertain this Tax Appeal and no substantial question of law is involved in this appeal as submitted by the counsel for the appellant. 3. It appears that the Assessing Officer had seen the building in question which is known as Panchwati Plaza situated in the city of Ranchi. He was of the opinion that the cost of the building is much higher. Ultimately, search and seizure was carried out at the premises in question on 20th June, 2002 and the appellant arrived at conclusion with the help of the valuer appointed by the department that the value of the building in question ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thing, but, whimsical approach of the said Engineer and he knows only multiplication. In the whole valuation report there is nothing, but, multiplication of some amount with the floor area, whether it is basement area or ground floor area etc. In fact, the valuer should have estimated the quantity of sand, cement, the work put by the labourers in hours, the cost of supervision etc. Nothing is mentioned about sand, cement, rod, cost of the labourers etc. More we read this valuation report more absurd appears to be and therefore, rightly Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal has decided the matter in favour of the respondent and no reliance was placed upon the said so called valuation report. If this type of a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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