2011 (5) TMI 97

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....tion has to be made in the hands of the assessee Smt. Diwari Ben Vagadia and not in the hands of the firm for the assessment year 1992-93 when the facts of the case clearly indicated otherwise?"   2. In another appeal, there is a difference of amount and the year i.e.1993-94.   3. The facts are not disputed that one piece of plot was purchased by the Respondent-assessee and the area of that plot is 0.2 acres. The property was purchased on 03rd September, 1987 for a consideration of Rs.2,00,000/- and on half of the portion, a house was constructed and the assessee disclosed the investment to the tune of Rs.1,12,832/- in the assessment year 1992-93 and Rs.6,51,223/- for the assessment year 1993-94. The Assessing Officer, after....

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.... produced by the Revenue and it is submitted that the I.T.A.T has also observed that the valuation report given by the assessee is not also complete. In view of the above reasons, the I.T.A.T. has committed error of law by accepting the report given by the valuer whose report was produced by the assessee. Learned counsel for the appellant also submitted that the report of the valuer which was produced by the assessee was anti-dated and therefore, if that report was rejected on this ground also, the Assessing Officer has not committed any illegality.   5. Learned counsel for the appellant also submitted that looking to the quality of the house, which was constructed, the addition by way of investing of only Rupees seven lacs plus can....