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2013 (1) TMI 81 - DELHI HIGH COURTUnexplained investment in immoveable properties - ITAT deleted the addition - order passed by the AO adopting the Fair Market Value - assessee is a Hindu Undivided Family - Held that:- Following the decision in the case of Shri Dinesh Jain Versus DCIT, Central Circle-21, NEW DELHI [2009 (9) TMI 676 - ITAT DELHI] It is undisputed fact that department has not referred any incriminating material having been found during the course of search and investigation made thereafter which indicate that assessee had paid anything more than what has been stated in the sale deeds. It was also not the allegation of the Department that there was any difference in the value of the property as accepted by the Sub Registrar for the purpose of stamp duty valuation. As decided in K P Verghese Vs. ITO [1981 (9) TMI 1 - SUPREME COURT] onus lies on the department to prove that some consideration over and above the consideration stated in the sale deed have been invested, no addition can be made on presumptions and suspicions. As decided in CIT Vs. Ashok Khetrpal [2007 (7) TMI 36 - HIGH COURT , DELHI] by referring to the report of valuation officer in the absence of any incriminating documents found in the course of a search no addition could be made by treating investment as undisclosed on the basis of any DYC’s report - thus CIT(A) in the present case was not justified in estimating the value of the investments in the properties contrary to the amount mentioned in the conveyance deeds. Accordingly, set aside the order of the CIT(Appeals) and direct the AO to accept the value of the properties as declared in sale deeds - in favour of assessee.
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