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2010 (8) TMI 194 - HC - Income TaxVoluntary Dis-closure of Income Scheme, 1997 (VDIS) - assessee had made investment in two plots of agricultural land - sources and the investment made thereof in these two plots had been declared by the respondent-assessee - search and seizure under section 132 of the Act, 1961 - sale deeds of the abovesaid properties were found - AO referred the properties for valuation to the District Valuation Officer - alleging that the respondent-assessee had invested a huge amount in the purchase of the farm house over and above the investment disclosed in the VDIS - Commissioner of Income-tax (Appeals) - deleted the addition made by the Assessing Officer - based on the DVO's report could not be sustained as no adverse material had been found during the search – Held that: - since the details of the properties had already been disclosed under the VDIS, it cannot be said that the Department came in possession of any information which it did not possess earlier.
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