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2014 (1) TMI 1438 - AT - Income TaxUnexplained investment - Held that:- The only basis brought out by the Assessing Officer to make the impugned addition under Section 69B of the Act is the report of the DVO estimating the value of construction at higher figure - The report of the DVO is an estimate but not an evidence to prove any undisclosed investment in construction by the assessee - No infirmity or discrepancy has been established by the Assessing Officer in the account books maintained by the assessee - Following Sargam Cinema vs. CIT [2009 (10) TMI 569 - Supreme Court of India] - No addition can be made on the basis of the report of the DVO without the books of account being rejected, wherein expenditure relating to the construction is recorded and such books of account have not been rejected by the Assessing Officer under Section 145 of the Act - Decided in favour of assessee.
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