2012 (10) TMI 1161

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..... come Tax Act,1961, hereinafter referred to as the Act , against the order dated 21.11.2008 passed by the Income Tax Appellate Tribunal . The Department has proposed the following substantial question of Law said to be arising out of the Tribunal's order.: (1) whether on the facts and in the circumstances of the case, the Tribunal is justified in law in deleting the addition made by the A. .....

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..... year in question at ₹ 87,00,302/- . The report was sent to the respondent assessee to explain the difference. The objections were filed along with Government approved Valuer's valuation report. The Assessing Officer sought for comments from the Valuation Cell on the objections and after receiving the comments on the objections, taking all aspects of the matter determined the cost of cons .....

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..... d that the books of account of the respondent-assessee has not been rejected and only certain expenditure has been disallowed and enhancement has been made in the cost of construction of the building on the basis of the Valuation Officer report. That being the position, we are of the considered opinion, that addition made on account of the report of the Valuation Officer was not at all warranted. .....

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