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Case Law Details

Case Name : Assistant Commissioner of Income-tax Vs. National Cooperative Consumers Federation of India Ltd. (ITAT Delhi)
Related Assessment Year : 2002-03
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We have considered the facts of the case and submissions made before us. According to us, the best evidence regarding cost of construction is from Devika, who constructed the building. In response to summons u/s 131, Devika filed a copy of the agreement, an unsigned valuation report prepared by Shri Charanjit S. Shah and a copy of balance-sheet as on 31.03.2002. The balance-sheet shows capital work-in-progress as on 31.03.2002 at Rs.2,50,30,642/-, half of which amounts to Rs. 1,25,15,372/-.

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