https://www.taxtmi.com/caselaws?id=175699 The Appellate Tribunal upheld the levy of interest under section 234B of the Act, deeming it mandatory. Regarding the addition to the cost of construction of a hospital building, discrepancies between the assessee's figures and the DVO's estimates led to a 25% addition by the Assessing Officer, which was reduced by the CIT(A) but ultimately sustained by the Tribunal. The Tribunal found no basis for further reduction, emphasizing the need for proper valuation due to record deficiencies and the construction's prolonged duration. Consequently, the appeal was dismissed, affirming the CIT(A)'s decision on the construction cost addition. en-us Fri, 18 Feb 2011 00:00:00 +0530 Thu, 03 Dec 2015 11:00:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=175699 The Appellate Tribunal upheld the levy of interest under section 234B of the Act, deeming it mandatory. Regarding the addition to the cost of construction of a hospital building, discrepancies between the assessee's figures and the DVO's estimates led to a 25% addition by the Assessing Officer, which was reduced by the CIT(A) but ultimately sustained by the Tribunal. The Tribunal found no basis for further reduction, emphasizing the need for proper valuation due to record deficiencies and the construction's prolonged duration. Consequently, the appeal was dismissed, affirming the CIT(A)'s decision on the construction cost addition. Case-Laws Income Tax Fri, 18 Feb 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=175699