JUDGMENT

MS. S.V. MARUTHI, J-The Tribunal at the instance of the assessee referred the following question:"Whether, on the facts and in the circumstances of the case, the. Appellate Tribunal is right in holding that the cost of roofing and foundations were not included in the Valuation Officers Report?"The facts in brief are as follows:"The assessee is a registered firm of 19 partners. One K.V. Reddy was the managing partner. They have purchased 75 cents or 3830 square yards of land in Sy. No.409/4 for Rs.15,000. They have also taken on long-lease from the Government an adjoining area measuring 445.56 sq.mts. The assessee-firm began constructing a cinema theater on the said site, which is subsequently named as Sri Laxmi Theater. According to the assessee the book value of the cost of the construction of the cinema house was Rs.6,45,392. The assessee filed the return accordingly, alongwith the approved valuers report. The income-tax Officer found that the cost of construction adopted by the regi...