https://www.taxtmi.com/caselaws?id=244806 The tribunal upheld the CIT (A)'s decision to adopt Rs.400 per sft as the cost of construction for a property in Hyderabad, dismissing appeals from both the assessee and the department. The judgment emphasized the necessity of substantiated claims and reasonable bases for cost determinations, critiquing reliance on unsubstantiated evidence like media advertisements. The decision underscored the significance of concrete evidence in assessing discrepancies in construction costs, ultimately affirming the CIT (A)'s ruling as fair and reasonable based on the available evidence. en-us Fri, 21 Feb 2014 00:00:00 +0530 Sat, 08 Mar 2014 08:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=244806 The tribunal upheld the CIT (A)'s decision to adopt Rs.400 per sft as the cost of construction for a property in Hyderabad, dismissing appeals from both the assessee and the department. The judgment emphasized the necessity of substantiated claims and reasonable bases for cost determinations, critiquing reliance on unsubstantiated evidence like media advertisements. The decision underscored the significance of concrete evidence in assessing discrepancies in construction costs, ultimately affirming the CIT (A)'s ruling as fair and reasonable based on the available evidence. Case-Laws Income Tax Fri, 21 Feb 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=244806