TMI Blog2008 (4) TMI 317X X X X Extracts X X X X X X X X Extracts X X X X ..... uilding was then got assessed by the Income-tax Department through the Departmental Valuation - Officer - As per the valuation report, estimated investment in the construction of the building was Rs. 46,5 7,430 – Assessing Officer added Rs. 19,57,092 to the income of the assessee treating the said amount as additional investment made in the construction of the building from undisclosed sources under section 69 - In the impugned order Appellate Tribunal restricted the addition to 10 lakh and partly allowed the assessee’s appeal – authorities below have already applied their mind to the facts of the case and we are not inclined to interfere with the factual satisfaction recorded ultimately by the Tribunal. – Tribunal was justified in acceptin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3(1) of the Income-tax Act, 1961. However, the case was selected for scrutiny, after receiving the approval from the Commissioner of Income-tax, Haldwani, and thereafter a notice under section 143(2) of the Act was issued on December 13, 2002, to the assessee. The assessee's main source of income is from her medical profession by running a nursing home. Professional activities were being carried in a newly constructed building in Ranikhet. The assessee has shown investment in the building at Rs.26.99 lakhs. The Assessing Officer (hereinafter referred as "the AO") found that the claim of investment is not supported with sufficient proof. The value of the building was then got assessed by the Income-tax Department through the Departmental V ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me is without jurisdiction or such finding is against the provisions of law. In our opinion, the finding on the valuation of construction is a finding of fact arrived at by three forums below that the investment at Rs. 26.99 lakhs, shown by the assessee is less than the actual value of the investment made in the construction. 6. Shri Anirudha Bhatt, learned counsel for the appellant, argued that the assessee is not required under any law to get valued the construction from technically qualified persons, as such, the value of construction shown in her books of account should have been accepted by the respondent authorities. It is further argued that the Tribunal has erred in law in accepting the valuation got done by the Revenue without ..... X X X X Extracts X X X X X X X X Extracts X X X X
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