https://www.taxtmi.com/caselaws?id=12121 The appeals filed by the assessee regarding the assessment of the cost of construction for a commercial building over three years were dismissed by the Income-tax Appellate Tribunal. The assessing authority rejected the assessee's accounts, leading to a valuation discrepancy resolved by the Commissioner of Income-tax (Appeals) II. The Tribunal upheld the modified cost, emphasizing the importance of maintaining accurate records and justifying the valuation method used. The decision highlighted the need for transparency in financial reporting and upheld the authority's discretion in estimating costs when accounts are rejected. en-us Fri, 18 Oct 2002 00:00:00 +0530 Wed, 17 Feb 2010 17:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=12121 The appeals filed by the assessee regarding the assessment of the cost of construction for a commercial building over three years were dismissed by the Income-tax Appellate Tribunal. The assessing authority rejected the assessee's accounts, leading to a valuation discrepancy resolved by the Commissioner of Income-tax (Appeals) II. The Tribunal upheld the modified cost, emphasizing the importance of maintaining accurate records and justifying the valuation method used. The decision highlighted the need for transparency in financial reporting and upheld the authority's discretion in estimating costs when accounts are rejected. Case-Laws Income Tax Fri, 18 Oct 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=12121