2015 (7) TMI 52

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dent : Mr Biren Poddar, Sr Adv, Ms Mahendra Chowdhary, Darshana Poddar, Piyush Poddar & Amrita Sinha, Advs. ORDER Per D. N. Patel,J. 1. This appeal has been preferred raising the following substantial questions of law: "A. Whether on the facts and in the circumstances of the case the ITAT was right in relying on the judgment of the Hon'ble Apex Court decided in the case of Smt. Ami....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....both the sides and looking to the facts and circumstances of the case, we see no reason to entertain this Tax Appeal and no substantial question of law is involved in this appeal as submitted by the counsel for the appellant. 3. It appears that the Assessing Officer had seen the building in question which is known as Panchwati Plaza situated in the city of Ranchi. He was of the opinion that the....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s), which was allowed and the so called report upon which the Assessing Officer is relying upon is absolutely absurd and baseless and similar is the finding of the Income Tax Appellate Tribunal. We have perused the said report which is at Annexure-A to the counter affidavit. Looking to the said report no head and tail could be matched by the counsel for the appellant about the so called higher val....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... etc. In fact, the valuer should have estimated the quantity of sand, cement, the work put by the labourers in hours, the cost of supervision etc. Nothing is mentioned about sand, cement, rod, cost of the labourers etc. More we read this valuation report more absurd appears to be and therefore, rightly Commissioner of Income Tax (Appeals) and Income Tax Appellate Tribunal has decided the matter in....