https://www.taxtmi.com/caselaws?id=61437 The appeal by the Revenue challenging the deletion of an addition on account of valuation of construction for a factory building was dismissed. The CIT(A) found the valuation premature due to incomplete construction, with conflicting estimates by the Departmental Valuation Officer and the assessee's valuer. The Tribunal upheld the CIT(A)'s direction to consider total construction cost, emphasizing flaws in the valuation report for incomplete work. Additionally, the deletion of an addition for interest paid on borrowed capital for machinery was upheld, rejecting the Revenue's argument for capital treatment. The Tribunal emphasized the interconnection between borrowed money and machinery investment for the existing business, dismissing the appeal based on detailed reasoning. en-us Fri, 16 Apr 1993 00:00:00 +0530 Wed, 12 Jan 2011 16:14:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=61437 The appeal by the Revenue challenging the deletion of an addition on account of valuation of construction for a factory building was dismissed. The CIT(A) found the valuation premature due to incomplete construction, with conflicting estimates by the Departmental Valuation Officer and the assessee's valuer. The Tribunal upheld the CIT(A)'s direction to consider total construction cost, emphasizing flaws in the valuation report for incomplete work. Additionally, the deletion of an addition for interest paid on borrowed capital for machinery was upheld, rejecting the Revenue's argument for capital treatment. The Tribunal emphasized the interconnection between borrowed money and machinery investment for the existing business, dismissing the appeal based on detailed reasoning. Case-Laws Income Tax Fri, 16 Apr 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=61437