https://www.taxtmi.com/caselaws?id=14781 Whether the Tribunal could disregard the assessee's recorded cost of construction and substitute a higher estimate based solely on the Departmental valuer's opinion was the dominant issue. The HC held that, where the assessee's books recorded the actual cost and the contractor's agreement specified rates that the Tribunal itself accepted, and there was no finding that the books were unreliable or that the construction area/quality differed from what was recorded, the valuer's estimate could not replace the documented actual cost. Consequently, the Tribunal's adoption of the higher valuation was set aside, the declared cost was accepted, and the issue was decided in favour of the assessee against the Revenue, with costs awarded. en-us Fri, 10 Jul 1998 00:00:00 +0530 Wed, 31 Dec 2025 18:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14781 Whether the Tribunal could disregard the assessee's recorded cost of construction and substitute a higher estimate based solely on the Departmental valuer's opinion was the dominant issue. The HC held that, where the assessee's books recorded the actual cost and the contractor's agreement specified rates that the Tribunal itself accepted, and there was no finding that the books were unreliable or that the construction area/quality differed from what was recorded, the valuer's estimate could not replace the documented actual cost. Consequently, the Tribunal's adoption of the higher valuation was set aside, the declared cost was accepted, and the issue was decided in favour of the assessee against the Revenue, with costs awarded. Case-Laws Income Tax Fri, 10 Jul 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14781