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Commissioner of Income Tax Versus M/s Panchwati Builders Through Its Proprietor, M/s G.R. Textiles (P) Ltd.

Calculation of cost of ongoing construction of Panchwati Plaza - Whether ITAT was correct in not relying on the Valuation Report in spite of the fact that the Valuation arrived was not challenged by the assessee? - Held that:- The Engineer, who has given the valuation report, is simply nothing, but, whimsical approach of the said Engineer and he knows only multiplication. In the whole valuation report there is nothing, but, multiplication of some amount with the floor area, whether it is basemen .....

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led valuation report. If this type of attitude of the department is allowed then for every building any type of report can be given by the such valuer. In fact this valuer should never be appointed as a valuer. He do not know ABC of the valuation at all. There ought to be a Cost Accountant along with efficient Engineer. Hence, both the Authorities below viz. CIT and ITAT has rightly quashed and set aside the order passed by the Assessing Officer and the addition of the income of ₹ 68 lakhs .....

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was right in relying on the judgment of the Hon'ble Apex Court decided in the case of Smt. Amiya Bala Paul Vs. CIT reported in 262 ITR 407 even after insertion of Section 142A of the Income Tax Act, 1961 by Finance (No.2) Act, 2004 with retrospective effect from 15.11.72? B. Whether on the facts and in the circumstances of the case the ITAT was correct in not relying on the Valuation Report in spite of the fact that the Valuation arrived was not challenged by the assessee? C. Whether in the .....

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x Appeal and no substantial question of law is involved in this appeal as submitted by the counsel for the appellant. 3. It appears that the Assessing Officer had seen the building in question which is known as Panchwati Plaza situated in the city of Ranchi. He was of the opinion that the cost of the building is much higher. Ultimately, search and seizure was carried out at the premises in question on 20th June, 2002 and the appellant arrived at conclusion with the help of the valuer appointed b .....

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at the appeal was preferred by the respondent before the Commissioner of Income Tax (Appeals), which was allowed and the so called report upon which the Assessing Officer is relying upon is absolutely absurd and baseless and similar is the finding of the Income Tax Appellate Tribunal. We have perused the said report which is at Annexure-A to the counter affidavit. Looking to the said report no head and tail could be matched by the counsel for the appellant about the so called higher valuation of .....

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