TaxTMI 
TaxTMI 
2002 (7) TMI 81
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...., and which was further reduced by the Income-tax Appellate Tribunal is proper and whether any question of law arises out of the order of the Appellate Tribunal. The assessee had constructed a multi-storeyed building in Nagapattinam in an area of about 17,000 sq. feet and it was a commercial building let out to a bank, telegraph office and a portion of it was also let out for running a lodge apart from ground floor being used for shop rooms let out to different per sons. The assessee has estimated the cost of construction at Rs. 15,85,000, and the Assessing Officer referred the question of valuation of the property to the Departmental Valuation Officer and he has reported that the estimated cost of construction would be Rs. 29,87,680. The....
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....tructed in Nagapattinam and further reduction should also be given in the cost of service provided in the building. The Tribunal held that in the case of Dr. Dhass, the Tribunal had adopted the C. P. W. D. rates and granted reduction at the rate of 25 percent The Tribunal after taking into account, the nature of the building, location of the building and also the profit element involved by the self-supervision of the assessee, granted further reduction of 15 percent on the C. P. W. D. rates. As far as the cost of services provided in the building, namely, water supply, sanitation and electricity installation are concerned, the Tribunal held that further reduction of 11 percent should be granted and after granting necessary reduction, the Tr....
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.... building is a pure question of fact, particularly when the cost of construction was arrived at on an estimated basis. We therefore hold that no question of law is involved in estimating the cost of construction of the building. The Tribunal, after taking into account, the nature of the building has held that the C. P. W. D. rate should be adopted and has granted further reduction of 15 percent. It is not pointed to us that it is a trite law that in all the cases where the C. P. W. D. rates are adopted, there should be reduction of 25 percent of the C. P. W. D. rates, as pleaded by the assessee. The percentage of deduction to be granted would depend upon the facts of each case. Further, there was hardly any satisfactory explanation from the....