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2009 (8) TMI 256 - DELHI HIGH COURTUnexplained expenditure - (a) Whether Tribunal was correct in law in deleting the addition of Rs. 19,69,881 made by the Assessing Officer and adopting the figure of cost of construction of Yusuf Sarai Project at Rs. 19,99,559 as against rs. 39,69,440 declared by the assessee? - (b) Whether Tribunal was correct in law in holding that the reference made by the Assessing Officer to the DVO for determining the cost of construction was not justified even after insertion of section 142A by the Finance (No. 2) Act, 2004, with retrospective effect from November 15, 1972?” - In the present case, except the report of the DVO on which the Assessing Officer relied upon, there was nothing on record to suggest that there was any other evidence to disbelieve the expenditure shown by the assessee. In fact during the course of arguments, learned counsel for the asses see produced the assessment order which clearly demonstrates that the expenditure shown by the assessee from the time, when it was an on going project, was examined and accepted by the Assessing Officer. – Held that AO for the purpose of getting himself satisfied about the purported unexplained expenditure under section 69C powers under section 142A could not be invoked. - Held that tribunal was justified in deleting the additions made by by AO on basis of valuation report
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