https://www.taxtmi.com/caselaws?id=116717 The Tribunal upheld the first appellate authority's decision in a case concerning the estimation of the cost of construction by the DVO. It emphasized that the Assessing Officer cannot solely rely on the Valuation Officer's report for additions without specific provisions under the Income-tax Act. Additionally, the Tribunal partially allowed the department's appeal regarding the disallowance of interest paid on borrowed funds, modifying the amount disallowed to provide relief to the assessee. The judgment provided detailed legal analysis on these issues, ensuring fairness in the assessment process. en-us Wed, 19 Nov 2003 00:00:00 +0530 Fri, 15 Jun 2012 16:55:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=116717 The Tribunal upheld the first appellate authority's decision in a case concerning the estimation of the cost of construction by the DVO. It emphasized that the Assessing Officer cannot solely rely on the Valuation Officer's report for additions without specific provisions under the Income-tax Act. Additionally, the Tribunal partially allowed the department's appeal regarding the disallowance of interest paid on borrowed funds, modifying the amount disallowed to provide relief to the assessee. The judgment provided detailed legal analysis on these issues, ensuring fairness in the assessment process. Case-Laws Income Tax Wed, 19 Nov 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=116717