9911796707
TMI Blog2003 (5) TMI 31X X X X Extracts X X X X X X X X Extracts X X X X ..... the four years. The present appeal relates to the assessment year 1989-90 only. It is not clear as to whether the said order qua the other three assessment years has been challenged or not. The assessee had constructed a commercial complex during the relevant four years and had shown an investment of Rs. 6,42,929. During the course of proceedings pertaining to the assessment year 1989-90, the Assessing Officer referred the matter to the District Valuation Officer (for short "the DVO"), for estimating the cost of construction of the said building. The District Valuation Officer submitted his report estimating the cost of construction at Rs. 12,67,403 and bifurcated the investment yearwise in the relevant four years. The Assessing Officer co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ------------------------------------------------------- 1988-89 4,47,038 2,26,746 2,20,292 1989-90 4,54,096 2,30,300 2,23,796 1990-91 &n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; Rs. 1988-89 1,24,240 1990-91 39,986 1989-90 1,15,520 1991-92 37,354 The assessee filed appeals before the Commissioner of Income-tax (Appeals), who deleted the additions by holding that in view of the evidence led by the assessee and explanation furnished by him, the District Valuation Officer's report could not be relied upon. It was also observed that the approved valuer's report had been wrongly rejected summarily. The Revenue preferred appeals before the Income-tax Appellate Tribunal which have been dismissed by the impugned order. The Tribunal, after considering the evidence on record, observed that the Assessing Officer had duly verified the assessee's contenti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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