Assessment of cost of construction

Assessment of cost of construction.—

1. (1) For the purpose of section 3, the 'cost of construction' means the cost disclosed by a person while obtaining construction license for such building from the local authority: Provided that if the competent authority has reason to believe that such cost has not been properly disclosed, he may get the cost assessed by any registered valuer of the property recognised by the Income Tax Department or by any Government agency and the cost so assessed shall be deemed to be the cost of ".he building for the purposes of this Act.
2. (2) The fees payable to the valuer or Government agency for assessing the cost of construction under sub- section
3. (1) shall be added to the tax due under this
4. (3) Any person aggrieved by an assessment made by the competent authority under sub-section
5. (1) may, within thirty days of communication of such assessment by the competent authority, prefer an appeal to the Administrative Tribunal whose decision thereon shall be final and binding on all parties.
6. (4) An appeal under sub-section
7. (3) shall set out the grounds of appeal and shall be verified by the appellant. It shall accompany the order of the competent authority and its enclosures, if any. The appellant shall also pay a fee of rupees one thousand only in the form of court fees.".