2003 (1) TMI 22

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....at the instance of the Commissioner of Income-tax, Bikaner, seeking direction to the Income-tax Appellate Tribunal, Jaipur, to make reference of the following question for the opinion of this court: "Whether, on the facts and in the circumstances of the case and in law the Income-tax Appellate Tribunal was justified in cancelling the order under section 263 of the Income-tax Act, 1961, by holdi....

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....ng to Rs. 4,07,452 with a lump sum addition of Rs. 25,000 only, thereby taking the cost of construction during the year at Rs. 4,32,452 without bringing any material on record for differing by such margin from the expert valuation resulting in underassessment. In view of this, the Commissioner of Income-tax, Bikaner, found the order of the Assessing Officer prejudicial to the interests of the Reve....

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....h assessment by order dated February 23, 1998. The Tribunal found that the assessee maintained the books of account for repair and renovation of the building. It was found that while completing the assessment the Assessing Officer had not found any fault in the maintenance of the books of account. Thus, following the decision of this court in CIT v. Pratapsingh Amrosingh Rajendra Singh and Deep....