1996 (9) TMI 620

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....s, and the account books were got audited by a firm of Chartered Accountants, namely, Gupta Sushil Co. They further submit that the income-tax returns were submitted to the Income-tax Department as required under law. While these were pending for assessment before the assessing authority, i.e., the ITO, respondent No. 1 sent a notice to the petitioners on 5th of December, stating therein that petitioners have submitted the report of the approved valuer but not the balance sheet. Accordingly, according to the petitioners, a balance sheet was submitted to respondent No. 1. The petitioners submitted that the valuation of the property raised by the petitioners was got done by Shri C.P. Gupta, Valuer registered under No. 2846 with the Ministry o....

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....f the assessment in terms of section 131(1)(d), read with section 55A of the Act, to respondent No. 3. 4. The third case is OWP No. 884 of 1994. The petitioner in this case submits that he constructed first, second and third floors of a building in which a hotel is housed, during the period January 1990 to July 1992; and the amount spent on the construction of the building was reflected in the books of account. A certificate to this effect has been given to the petitioner by at Chartered Accountant, and the valuation of the property was got done by a valuer approved by the Ministry of Finance, Government of India. Return was filed by this petitioner-concern, which was also pending disposal before the ITO. A reference was made by the ITO ....

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....as are deemed fit to determine the true and correct cost of erection of plant & machinery of this Hotel complex known as Prem Hotel, Katra C/o 76- Kalijani, Jammu. It is further requested that the valuation report in the matter may kindly be sent by 30-9-1994. 3. This may please be treated as commission issued to you under the aforesaid section of the Income-tax Act, 1961. Yours faithfully, Sd/ - (B.L. DHAR) INCOME TAX OFFICER, WARD-4 JAMMU Copy forwarded to M/s Prem Hotel, Katra C/o 76-Kalijani, Jammu for information and extending assistance and cooperation in the matter. It is requested that full details with regard to the valuation of the aforesaid immovable property may please be furnished to this ....