https://www.taxtmi.com/caselaws?id=207061 The High Court overturned the decision of the lower authorities and held that the correct method for valuation of closing work in progress should be based on the specific nature and restrictions of the basement and third floor. The court disagreed with the division of construction costs by 5 and directed the Assessing Officer to reconsider the cost division by 3, emphasizing that the assessee only bore the cost for the three floors it retained. The case was remitted back to the AO for a reassessment of the valuation ratio for the closing work in progress. en-us Fri, 09 Sep 2011 00:00:00 +0530 Mon, 26 Mar 2012 15:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=207061 The High Court overturned the decision of the lower authorities and held that the correct method for valuation of closing work in progress should be based on the specific nature and restrictions of the basement and third floor. The court disagreed with the division of construction costs by 5 and directed the Assessing Officer to reconsider the cost division by 3, emphasizing that the assessee only bore the cost for the three floors it retained. The case was remitted back to the AO for a reassessment of the valuation ratio for the closing work in progress. Case-Laws Income Tax Fri, 09 Sep 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=207061