TaxTMI 
TaxTMI 
1976 (11) TMI 122
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....relating to the assessment year 1970-71, the assessee-HUF-constructed house at Dhanbad. According to the account books of the assessee, the cost of construction of this house was amounted to Rs. 86,498. However, the approved valuer assessed the cost of construction at Rs. 1,04,000. The Income-tax Officer referred the matter to the departmental valuer who estimated the cost of construction at Rs. 1....
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....ds, the tribunal sustained the addition of Rs. 17,502 to the income of the assessee as income from undisclosed sources. 3. By his order dated 21st June, 1975, the Inspecting Assistant commissioner, Ranchi, levied a penalty of Rs. 17,502 on the assessee under s. 271(1) (c) of the Income-tax Act, 1961, with reference to the aforesaid addition of Rs. 17,502. Aggrieved by this order, the assessee has....
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....d that the cost of construction, according to its account books, amounted to Rs. 86,498 and that its account books had been, correctly and regularly maintained. The Income-tax Officer rejected the book version of the assessee and estimated the cost of construction at Rs. 1,19,850. He did not point out any specific items of suppression in its account books. The mere fact that the approved valuer an....