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2004 (2) TMI 33 - HC - Income TaxAdditions on account of unexplained investment - Tribunal deleted additions holding that the report of the approved registered valuer, which was based on detailed measurements and in which the cost of construction was estimated at the scheduled rates of the PWD, was more scientific and reliable - Tribunal also upheld the additional reason for deleting the addition that unless and until the books of account were rejected, no addition on account of unexplained cost of construction could have been made. - it is evident that the report of the District Valuation Officer in the present case is without jurisdiction. Once this report is excluded from consideration, the very foundation for initiation of proceedings under section 147 of the Act and for making additions on account of unexplained investment disappears – Revenue appeal dismissed
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