https://www.taxtmi.com/article/detailed?id=7365 When an assessee lacks proper books for a locally constructed building, LPWD rates should be applied for estimating construction cost rather than CPWD rates; the Supreme Court affirmed the Tribunal and High Court finding in favor of adopting Local Public Works Department rates, while permitting reference to a Valuation Officer when required, because LPWD rates better reflect local procurement, labour and market conditions applicable to the assessee. en-us Tue, 11 Apr 2017 07:07:09 +0530 Tue, 11 Apr 2017 07:07:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7365 When an assessee lacks proper books for a locally constructed building, LPWD rates should be applied for estimating construction cost rather than CPWD rates; the Supreme Court affirmed the Tribunal and High Court finding in favor of adopting Local Public Works Department rates, while permitting reference to a Valuation Officer when required, because LPWD rates better reflect local procurement, labour and market conditions applicable to the assessee. Articles Income Tax Tue, 11 Apr 2017 07:07:09 +0530 https://www.taxtmi.com/article/detailed?id=7365