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2014 (8) TMI 118 - HC - Income TaxValuation made by assessee not accepted - Whether the rates fixed by the State P.W.D. or the Central P.W.D. should be adopted – Held that:- Construction is in the temple city of Kumbakonam, which is not a Metropolitan town - the State P.W.D was authorised to give valuation for all constructions in the State of Tamil Nadu - the assessee's property is in the State of Tamil Nadu - There cannot be a different yardstick adopted for valuation within the State – Relying upon T.M.P.N.Murugesan -vs- Commissioner of Income-tax [2014 (8) TMI 57 - MADRAS HIGH COURT] - Revenue should give credence to the valuation of the State P.W.D. in relation to the value of construction either on the side of the assessee or on the side of the Department - there is no specific notification or circular indicating that CPWD rate alone should be adopted in arriving at the cost of construction, the Tribunal is justified in adopting the valuation of the State P.W.D. rates for the purpose of determining the cost of construction – Decided against Revenue.
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