2009 (3) TMI 588

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....he cost of construction at Rs. 50,11,275 and that fixed by the Valuation Officer at Rs.70,63,540 which had been admitted by both the appellate authorities and the same was not disputed ?   2. Whether the Tribunal was correct in merely holding that no error was pointed out in respect of the Appellate Commissioner's orders without independently considering the controversy before it and recording a finding on it ?"   2. The relevant facts of the case are that the respondent-assessee as an individual had filed return for the assessment year 1993-94 onMarch 30, 1993. The Assessing Officer found that the assessee had disclosed profits from business of Horizon Constructions, i.e., construction and sale of flats, but in respect of p....

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....ject it to tax and accordingly partly allowed the said appeal.   4. Being aggrieved by the said order, the assessee had filed the appeal before the Appellate Tribunal and it would be of relevance to mention that the Revenue also filed an appeal before the Appellate Tribunal. The appeal filed by the Revenue on the above issue was, however, dismissed by con-firming the order of the Commissioner (Appeals) with regard to the Land Mark Apartments, "A" Block. Being aggrieved by the said order of dismissal, the Revenue has preferred this appeal.   5. We have heard the learned counsel for the appellants and the learned counsel for the respondent.   6. It is submitted on behalf of the appellants that in the instant case the v....