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TMI Blog2002 (10) TMI 66X X X X Extracts X X X X X X X X Extracts X X X X ..... and the assessing authority had determined the cost of construction at the figure reported by the said valuer. The assessee got relief from the first appellate authority and the Tribunal confirmed the same. Admittedly, the assessee had not shown any payment of supervision charges, transportation charges, etc., in the accounts. All the authorities have found that the books of account are not properly maintained. The valuation report submitted by the assessee also differed. The first appellate authority found that the valuation report of the assessee and the Department cannot be sustained and took the average of both which method was accepted by the Tribunal also. We are unable to find out any question of law arising from the finding so arriv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority by a common order dated April 7, 1995, for all the three years modified the cost of construction to Rs. 24,67,590 as against Rs. 29,83,400 fixed by the assessing authority. This represented the average of the cost fixed by the Departmental Valuer and the cost furnished by the assessee. In further appeal by the assessee, the Income-tax Appellate Tribunal dismissed the appeal confirming the order of the first appellate authority. Shri Pathros Mathai, learned counsel appearing for the assessee, submits that the assessing authority was not justified in rejecting the regular books of account maintained by the assessee on certain flimsy grounds that the transportation cost and sand and certain payments of supervision charges have not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthority had fixed the cost of construction at Rs. 24,67,500. It is seen that the first appellate authority after due consideration of all the relevant matters thought that the cost of construction can be fixed by adopting the average of the cost of construction furnished by the assessee and the cost of construction reported by the Departmental Valuer. The Tribunal found that the Assessing Officer was justified in referring the matter to the Valuation Cell. Once the regular books of account of the assessee are rejected, it is for the assessing authority to estimate the cost of construction of the commercial complex. It is in those circumstances the assessing authority had referred the matter to the Departmental Valuer and the assessing auth ..... X X X X Extracts X X X X X X X X Extracts X X X X
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