| Case ID |
22e471fc-22d7-42b4-8b47-d91a47234862 |
| Body |
View case body. Login to View |
| Case Number |
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| Decision Date |
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| Hearing Date |
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| Decision |
The case concluded with the Income-tax Appellate Tribunal's finding that the cost of construction determined was based on appropriate considerations and relevant material. The Tribunal's decision to accept the assessee's cost estimate, with minor adjustments, was upheld. The Department's application for reference was rejected, confirming that no substantial legal questions arose from the Tribunal's order. The ruling favored the assessee, indicating that the assessment made by the Tribunal was justified and based on sound reasoning. |
| Summary |
In the case presented before the Allahabad High Court, the primary issue revolved around the assessment of income tax concerning the cost of construction incurred by the assessee on a leasehold plot. The Tribunal had to determine whether the cost estimated by the assessee was valid compared to the Department's estimate. The Tribunal concluded that the assessee's estimate was more accurate, leading to a dismissal of the Department's application for a legal reference. This case highlights the importance of accurate cost estimation in tax assessments, and it emphasizes the Tribunal's role in evaluating evidence and making determinations based on relevant legal frameworks. The decision is significant for taxpayers and legal practitioners in the field of income tax law, particularly concerning the assessment process under the Income-tax Act of 1961. Keywords: Income Tax Assessment, Tribunal Decision, Cost of Construction, Legal Reference, Taxpayer Rights. |
| Court |
Allahabad High Court
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| Entities Involved |
Not available
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| Judges |
R.M. Sahai,
Dr. R.R. Misra
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| Lawyers |
Not available
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| Petitioners |
Commissioner of Income Tax
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| Respondents |
Raj KuMar
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| Citations |
1990 SLD 1738 = (1990) 182 ITR 436
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| Other Citations |
Not available
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| Laws Involved |
Income-tax Act, 1961
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| Sections |
143,
256
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