TaxTMI 
TaxTMI 
2003 (5) TMI 28
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....om 1983 to 1991. In the books of account maintained by the assessee the cost of construction of this building was shown at Rs. 39,78,765. The assessee had also obtained a valuation of this building by a registered valuer, who had estimated the cost of construction of this building with reference to the PWD rate and, after taking into account the inflation, fixed the cost of construction of the building at Rs. 41,55,500. The Assessing Officer was not prepared to accept the cost of construction furnished by the assessee. He, accordingly, referred the matter to the departmental valuer, who had adopted the plinth area method and estimated the cost of construction with reference to the CPWD rate at Rs. 90,53,600. Notwithstanding the objection fi....
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....ee, submits that the authorities were not justified in rejecting the cost of construction of the building recorded in the books of account supported by the valuation report of the registered valuer furnished along with the return. Counsel also submits that the authorities were not justified in adopting the plinth area method for arriving at the cost of construction instead of the actual cost depicted in the books of account. Counsel further submits that the departmental valuer had valued other buildings of the size, situated within the vicinity of the building at a much lesser cost as can be seen from the statement at annexure F furnished by the assessee before the Tribunal. Counsel also submits that after having more or less accepted the c....
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.... the Tribunal has considered all the relevant materials placed by the assessee before it and granted substantial relief. We have considered the rival submissions and have perused the orders of the three authorities. We find that the Tribunal has considered each and every piece of material furnished by the assessee including the objections to the valuation made by the departmental valuer and the cost of construction assessed by the Assessing Officer. On a consideration of all those materials, we are of the view that the Tribunal has granted reasonable relief to the assessee. We do not find any ground to grant any further relief to the assessee. We have already noted the contention of the assessee that the Tribunal has failed to consider an....