https://www.taxtmi.com/caselaws?id=65613 The Tribunal ruled in favor of the assessee, holding that the Valuation Officer's report under the Wealth-tax Act was not admissible for Income-tax purposes. The Tribunal found the report defective and inapplicable, referencing conflicting judicial views. It concluded that the ITO's additions based on this report were invalid, lacked proper basis, and should be deleted for both assessment years. The Tribunal emphasized that the cost of construction should be determined using prevailing rates during construction, not at the time of assessment, and directed the ITO to reconsider the issue without reliance on the inadmissible report. en-us Tue, 27 Feb 1990 00:00:00 +0530 Wed, 16 Feb 2011 18:58:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65613 The Tribunal ruled in favor of the assessee, holding that the Valuation Officer's report under the Wealth-tax Act was not admissible for Income-tax purposes. The Tribunal found the report defective and inapplicable, referencing conflicting judicial views. It concluded that the ITO's additions based on this report were invalid, lacked proper basis, and should be deleted for both assessment years. The Tribunal emphasized that the cost of construction should be determined using prevailing rates during construction, not at the time of assessment, and directed the ITO to reconsider the issue without reliance on the inadmissible report. Case-Laws Income Tax Tue, 27 Feb 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65613