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TMI Blog2017 (5) TMI 215X X X X Extracts X X X X X X X X Extracts X X X X ..... of expenditure incurred. However, the assessee has filed a valuation report by a registered valuer enclosed at pages No. 11 and 12 of the paper book. The valuer has reported that cost of construction is calculated as per the standing order of the department of Public Works, Government of Rajasthan. Under these facts, we deem it appropriate to modify the impugned order and direct the Assessing Officer while deciding the issue of cost of property would call for a valuation report from the departmental valuer and also make enquiry with regard to the cost of construction of the property. - Appeal of the assessee allowed for statistical purposes only. - ITA No. 745/JP/2015 - - - Dated:- 21-4-2017 - Shri Kul Bharat, JM And Shri Vikram Singh Y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 63 of the Act kindly be quashed. 3. That the ld. Pr. CIT Kota is erred in law as well as on the facts of the case in setting aside the assessment to be made afresh with the direction to re-examine the issue in the light of his observation. The same is being purely contrary to the provisions of law, therefore, the impugned order u/s 263 of the Act kindly be quashed. 2. All the grounds of the appeal in interlinked and are against the order passed by the ld. Pr. CIT U/s 263 of the Income Tax Act, 1961 (hereinafter referred as the Act). In this regard, the brief facts of the case are that the assessment U/s 143(3) was completed vide order dated 31/3/2014. Subsequently, the ld. Pr.CIT issued a notice U/s 263 of the Act calling upon th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee had sold two immovable properties. It is also noticed by the ld. Pr.CIT that as per balance sheet filed by the assessee for the assessment year 2011-12, the value of the two properties were as under:- Sharma Ice Factory ₹ 3,67,495/- Building S-33, MBS Nagar ₹ 17,10,000/- (8,10,000 + 9,00,000) It is the case of the assessee that a valuation report was submitted showing year wise construction and that the sale deed also mentions the construction of property. However, the ld. Pr.CIT has given a finding, no such evidence, books of account or balance sheet for the year in which the constr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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