9911796707
TMI Blog2002 (10) TMI 50X X X X Extracts X X X X X X X X Extracts X X X X ..... t all the expenses recorded in the books of account are not supported by vouchers and bills and upheld the rejection of the accounts of the appellant. When the accounts are rejected, the assessing authority has to estimate the cost of construction for which he has to refer the matter to the Departmental Valuer. Hence, the authority cannot be found fault with for referring the matter to the valuation cell and in relying on the report submitted by the valuation cell. In fact, the first appellate authority took note of the various circumstances and granted substantial relief to the appellant. The Tribunal had sustained the same. - - - - - Dated:- 16-10-2002 - Judge(s) : G. SIVARAJAN., K. BALAKRISHNAN NAIR. JUDGMENT The judgment of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... egularity in the said accounts had referred the matter for a valuation report from the Departmental Valuer and completed the assessment on the basis of the said valuation report. Counsel further submits that the Tribunal should have deleted the entire addition holding that there is no justification for referring the matter to the Departmental Valuer or for relying on the valuation report of the Departmental Valuer ignoring the regular books of account and the valuation report submitted by the appellant. We also heard Shri P.K.R. Menon, learned senior standing counsel for the Revenue. Senior counsel submits that the remand report obtained by the Tribunal would clearly disclose the reason for rejecting the books of account maintained by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith for not accepting the accounts. When the accounts maintained by the appellant could not be accepted, certainly, the assessing authority has to determine the cost of construction of the building to find out as to whether any expenditure has been incurred from unaccounted sources. It is in view of the above that the assessing authority had obtained the valuation report of the Departmental Valuer. The assessing authority gave some deduction from the value estimated by the Departmental Valuer at Rs. 26,18,700 to Rs. 24,56,812. However, the first appellate authority has considered the case of the appellant and had granted relief to the extent of Rs. 4,07,620 and sustained the addition of Rs. 2 lakhs only. Even after bestowing our anxious con ..... X X X X Extracts X X X X X X X X Extracts X X X X
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