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JUDGMENT R. Sudhakar, J. - The above Tax Case (Appeals) are filed by the Revenue as against the common order of the Income Tax Appellate Tribunal in eight appeals - four by the assessee and four by the Revenue, for the assessment year 2004-05. 2. The brief facts are as follows: "The assessee's Shri. Jhumarlal, Smt. Chandra Bai, Shri.Shivlal and Smt. Sadhana Bai had together purchased a property during the financial year 1999-2000 for a total consideration of Rs.58,49,320/-. The share of each of the assessee in the said consideration was Rs.14,62,330/-. The building in the said property was demolished and a new house was constructed in the land during April, 2001 to March, 2004. During the course of regular assessment of Shri. Shivlal, the Assessing Officer called upon him to submit the details of cost of construction of the building, namely, Door No.87, Mint Street, Chennai - 79. The valuation made by the registered valuer was furnished by the assessee and in the valuation report, the value of the building was shown as Rs.74.85 lakhs. The details of construction expenses filed by all the assessees gave the figure of Rs.1,28,92,674/-, which includes the value of the land and incidental expenses. After excluding the value of the land, the cost of construction admitted by the assessee, as worked out by the Assessing Officer, came to Rs.72,21,622/- against the value of Rs.74.85 lakhs by the registered valuer. The assessee, Shri.Shivlal was examined, who had stated that no books were maintained for the construction work." 3. The Assessing Officer made a reference to the Departmental Valuation Officer (DVO) under Section 142A of the Income Tax Act. The Departmental Valuation Officer fixed the cost of construction at Rs.1,74,20,000/-. Since the property was owned by four assessees, the cost of construction was worked out at Rs.43,55,000/- per assessee. However, as per the assessees, the cost of construction in respect of each of the assessee would amount to Rs.17,70,041, totalling to Rs.72,21,625/-. The difference amount was considered as unexplained investment by the individual assessees under Section 69B of the Income Tax Act. The assessment in respect of…

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