TMI Blog2006 (1) TMI 128X X X X Extracts X X X X X X X X Extracts X X X X ..... he court was delivered by Rajesh Balia J.— Heard learned counsel for the appellant. 2. This appeal is directed against the order of the Income-tax Appellate Tribunal, Jodhpur Bench, Jodhpur, dated February 7, 2005 and relates to the assessment year 1996-97. The facts which have led to filing of this appeal are that the respondent-assessee had constructed a house at Abu Road. The construction of a house was spread over from the financial years 1992-93 to 1998-99 progressively. The assessee has shown investment made by him in the construction of a house in the books of account for each year. The total construction cost according to the books of account of the assessee came to be Rs. 16,21,484. For the first time, during the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessing Officer himself and not of a borrowed opinion of the Departmental Valuation Officer. The principle cannot be accepted in abstract inasmuch as though the Departmental Valuation Officer's opinion in respect of cost investment may not be final, but prima facie in some cases circumstances if otherwise relevant can provide some material, like an audit report on the basis of which the Assessing Officer could have framed his own opinion. It is, however, true that the opinion about escapement of income from tax must be of the Assessing Officer alone and of none else. It is also trite to say that the sufficiency or adequacy of material on the basis of which such opinion is formed cannot be a ground for formation of reason to believe. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ates of 1998 cannot form the basis of the estimate of investment shown in the books of account by the assessee for periods prior to 1998. There being no other material on the basis of which the Assessing Officer could have reason to believe that the assessee has underdisclosed the cost during the relevant assessment years, the formation of belief was founded on no material. 8. This finding in our opinion, is a finding of fact based on material available with the Tribunal and does not give rise to a question of law. It is obvious that the BSR rates of 1998 can have no relevant bearing on assessment of investment made for the financial year relevant to the assessment year 1996-97 and earlier years. 9. In these circumstances, the forma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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