TaxTMI 
TaxTMI 
2002 (10) TMI 66
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....e assessee against the common order of the Income-tax Appellate Tribunal, Cochin Bench, in I.T.A. Nos. 537, 538 and 539 (Cochin) of 1995 in respect of the assessment years 1987-88, 1988-89 and 1989-90. The assessee is the same in all these appeals. The assessee had constructed a commercial building and the construction was completed during the accounting year relevant to the assessment year 198990....
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....led appeal before the Commissioner of Income-tax (Appeals) II, Cochin. The appellate authority by a common order dated April 7, 1995, for all the three years modified the cost of construction to Rs. 24,67,590 as against Rs. 29,83,400 fixed by the assessing authority. This represented the average of the cost fixed by the Departmental Valuer and the cost furnished by the assessee. In further appeal ....
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....d by the Tribunal is on the high side. We have also heard Shri P.K.R. Menon, learned senior Central Government standing counsel for taxes appearing for the respondent. We have also perused the orders of the authorities and the Tribunal. The assessing authority, it is seen, had rejected the books of account of the assessee with regard to the cost of construction of the commercial building on the ....
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.... seen that the first appellate authority after due consideration of all the relevant matters thought that the cost of construction can be fixed by adopting the average of the cost of construction furnished by the assessee and the cost of construction reported by the Departmental Valuer. The Tribunal found that the Assessing Officer was justified in referring the matter to the Valuation Cell. Once ....