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2012 (7) TMI 645 - ITAT DELHIUnexplained investment - search and seizure – alleged that expenses on account of construction are not completely recorded in the books of account - As per the report of the DVO, total construction of the property was estimated higher than as against the cost of construction shown by the assessee – Held that:- Additions made in the hands of the respective owner companies of the aforesaid projects, as unexplained investment, have been deleted, year by year - Assessing Officer in this case also has not pointed out any specific defect in the books of accounts of the appellant company as well as those of the owner companies which are regularly maintained and audited - any difference between the cost of construction shown by the respective companies as per their books of accounts and as estimated by the DVO, which is otherwise insignificant and is within the acceptable range of error margin, cannot be made the basis either for making any addition u/s 143(3) r.w. Section 153A of the IT Act in the hands of the owner companies, as unexplained investment, or for estimating notional profit in the hands of the appellant contractor company – additions deleted
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