COMMISSIONER OF INCOME TAX, CENTRAL Vs. PANCHWATI BUILDERS

JUDGEMENT

(1.) THIS appeal has been preferred raising the following substantial questions of law:

(2.) HAVING heard counsels for both the sides and looking to the facts and circumstances of the case, we see no reason to entertain this Tax Appeal and no substantial question of law is involved in this appeal as submitted by the counsel for the appellant.

(3.) IT further appears that the explanation has been given by the respondent, but, the Assessing Officer has heavily relied upon the valuation report and has arrived at a conclusion that the valuation of the building in question is shown much lessor i.e. by Rs. 68 lakhs and therefore, the said amount is added in the income of the respondent.