2002 (10) TMI 50

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.... on the files of the Income-tax Officer, Ward I, Thiruvananthapuram, the respondent herein. The assessment year concerned is 1990-91. The appellant returned an income of Rs. 69,370. During the accounting period relevant to the said assessment year, the appellant has completed the construction of a commercial building named as "S.K. Towers". As per the books of account maintained by the assessee, t....

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....ing for the appellant, submits that the appellant has been maintaining regular books of account with respect to the cost of construction of the building that the assessing authority, without finding any irregularity in the said accounts had referred the matter for a valuation report from the Departmental Valuer and completed the assessment on the basis of the said valuation report. Counsel further....

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....ned by the Commissioner of Income-tax (Appeals) does not call for any further interference. The contention of the appellant is that she has been maintaining regular books of account with regard to the cost of construction of the building "S.K. Towers" and the total cost of construction as per the said books of account came only to Rs. 18,49,189. The appellant has also produced a valuation report ....

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....chers, the assessing authority cannot be found fault with for not accepting the accounts. When the accounts maintained by the appellant could not be accepted, certainly, the assessing authority has to determine the cost of construction of the building to find out as to whether any expenditure has been incurred from unaccounted sources. It is in view of the above that the assessing authority had ob....