https://www.taxtmi.com/caselaws?id=303282 The Tribunal upheld the validity of the reopening of assessments based on the DVO report, remitting the case back to the CIT(Appeals) for determining the cost of construction. The CIT(Appeals) was directed to consider either CPWD or State PWD rates for valuation and to spread the cost over two assessment years. The Tribunal affirmed the CIT(Appeals)' power to give directions for another year if necessary for case disposal. The matter was remitted to the Assessing Officer for a fresh determination of construction costs in accordance with the law, allowing the assessees an opportunity to justify their declared costs. Appeals and cross-objections were partly allowed for statistical purposes. en-us Thu, 11 Oct 2012 00:00:00 +0530 Tue, 12 Jul 2022 17:30:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303282 The Tribunal upheld the validity of the reopening of assessments based on the DVO report, remitting the case back to the CIT(Appeals) for determining the cost of construction. The CIT(Appeals) was directed to consider either CPWD or State PWD rates for valuation and to spread the cost over two assessment years. The Tribunal affirmed the CIT(Appeals)' power to give directions for another year if necessary for case disposal. The matter was remitted to the Assessing Officer for a fresh determination of construction costs in accordance with the law, allowing the assessees an opportunity to justify their declared costs. Appeals and cross-objections were partly allowed for statistical purposes. Case-Laws Income Tax Thu, 11 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303282