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2012 (8) TMI 298 - ITAT, AHMEDABADUnexplained investment on renovation of bungalow - addition u/s 69 - AO referred the matter to the DVO - Held that:- Valuation report made by DVO did not mention that how the DVO has adopted the said rate of construction and from where he has picked up the said construction rate - As the assessee has vehemently claimed that all the payments were made to an architect and detailed copy of account in respect of the payments made was very much before the Revenue Authorities and the Revenue Authorities have not found any discrepancy - as in support of the indirect expenditure incurred i.e. loan taken from the bank on the said property has also been furnished - thus in the absence of any discrepancy noted by the Revenue Department it was not justifiable on the part of the Revenue authorities to reject the valuation of the property as submitted by the assessee - Assessing Officer referred matter to the Departmental Valuation Officer without first rejecting the books of account - in favour of assessee.
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