https://www.taxtmi.com/caselaws?id=57290 The Tribunal ruled in favor of the assessees, finding that the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) were not justified in estimating the cost of construction and making additions based on the Valuation Officer's report. The Tribunal held that the AO's reference to the Valuation Officer was not supported by the Income Tax Act provisions and emphasized that such references are limited to capital gains only. Consequently, the appeals were partly allowed, with the Tribunal highlighting errors in computation and valuation methods used by the authorities. en-us Fri, 19 Sep 2003 00:00:00 +0530 Mon, 18 Jun 2012 12:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57290 The Tribunal ruled in favor of the assessees, finding that the Assessing Officer (AO) and Commissioner of Income Tax (Appeals) were not justified in estimating the cost of construction and making additions based on the Valuation Officer's report. The Tribunal held that the AO's reference to the Valuation Officer was not supported by the Income Tax Act provisions and emphasized that such references are limited to capital gains only. Consequently, the appeals were partly allowed, with the Tribunal highlighting errors in computation and valuation methods used by the authorities. Case-Laws Income Tax Fri, 19 Sep 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57290