COMMISSIONER OF INCOME TAX Vs. SMT. V. GAJALAKSHMI

JUDGEMENT

(1.) THE above tax case appeal is filed by the Revenue under Section 260A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal, "C", Bench, Chennai dated July 25, 2008 passed in I. T. A. No. 2324/Mds/2006.

(2.) THE substantial question of law sought to be raised is as to whether in the facts and circumstances of the case, the Tribunal was right in sustaining the order of the Commissioner of Income Tax (Appeals), while examining the cost of constructions claimed by the Assessee in respect of the properties situated at 132, Bells Road and 76, V. R. Pillai Street, Triplicane, Chennai and also on the ground that the Assessee has failed to produce any evidence in support of her claim for the construction of the abovesaid properties.

(3.) THE value of construction made with reference to the abovementioned two properties, as claimed by the Assessee, the Assessee has shown the total cost of construction in respect of both the properties in a sum of Rs. 24.6 lakhs (Rs. 6.6 lakhs in respect of the property at 132, Bells Road and Rs. 18 lakhs in respect of the property at 76, V. R. Pillai Street, Triplicane, Chennai. The Assessing Authority in the order of assessment, however, took the view that the difference in cost of construction of both the properties would be Rs. 25,44,000 and assessed the income as Rs. 35,99,050. The assessing authority also disallowed the receipt of certain gifts to the extent of Rs. 6,23,000 as well as advance receipts for letting out the property at 76, V. R. Pillai Street, Triplicane in a sum of Rs. 3,10,000.