https://www.taxtmi.com/caselaws?id=55306 The case involved determining the correct cost of construction of a launch, 'Satyam Shivam Sundaram,' and the addition of Rs. 19,467 to the assessee's income based on the difference between book value and insurance value. The Tribunal ruled in favor of the assessee, stating that the insurance value alone cannot be considered the real cost of construction, and the books of account, not rejected by the Income Tax Officer, should be accepted as the accurate representation of construction cost. The addition was deemed unjustified, emphasizing the importance of maintaining and relying on proper books of account. en-us Mon, 16 Jun 1986 00:00:00 +0530 Thu, 25 Nov 2010 13:22:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55306 The case involved determining the correct cost of construction of a launch, 'Satyam Shivam Sundaram,' and the addition of Rs. 19,467 to the assessee's income based on the difference between book value and insurance value. The Tribunal ruled in favor of the assessee, stating that the insurance value alone cannot be considered the real cost of construction, and the books of account, not rejected by the Income Tax Officer, should be accepted as the accurate representation of construction cost. The addition was deemed unjustified, emphasizing the importance of maintaining and relying on proper books of account. Case-Laws Income Tax Mon, 16 Jun 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55306