1998 (7) TMI 6

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.... of the case together with the question referred to us has been submitted by the Tribunal pursuant to the order of this court dated March 6, 1985, in T. C. P. No. 427 of 1984. The matter arises out of the assessment of the applicant under the Income-tax Act, 1961, for the assessment year 1978-79. The question referred to us is as to whether, on the facts and in the circumstances of the case, th....

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....ssessing Officer proceeded to call for a report of the District Valuation Officer, who valued the structure at Rs. 2,63,000. In the appeal filed by the assessee, the Appellate Assistant Commissioner held that the valuation made by the District Valuation Officer chosen by the Department should be reduced by Rs. 15,000 as the amount estimated by him in respect of several items were above the cost ac....

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....o be or had better quality of construction or fixtures than that which the assessee has recorded in his books, the opinion of the valuer cannot be straightaway substituted for the actual cost that was recorded in the assessee's books. The Tribunal has not found that the books maintained by the assessee are not credible. In fact the Tribunal has not expressed opinion on the correctness of the entri....