2002 (10) TMI 66

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....J.-These three appeals are filed by the 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 ....

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....aggrieved by the said determination filed 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 furnish....

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....e first appellate authority and confirmed 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 con....

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....cost of construction at Rs. 24,67,500. It is 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 refer....