Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (11) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (11) TMI 58 - HC - Income TaxAdditions on the basis of the report of the Valuation Officer - Tribunal has recorded a clear finding of fact that the search on tbe premises of the assessee did not lead to the seizure of any incriminating evidence to suggest that any income had not been disclosed or would not have been disclosed for tax purpose under the Income-tax Act, 1961. It has, on that finding, held that the Assessing Officer was not justified in making additions on the basis of the report of the Valuation Officer in regard to two of the properties purchased by the assessee. – held that there was no justification in the action of AO in treating the undisclosed investment or profit in respect of properties whose valuation has been done by the AO himself and treating the same as part of the peak for working out undisclosed income of the block period. The Assessing Officer himself is not an expert; the valuation of the property was a technical matter. AO is not entitled to make statements on technical matters for which there is no material on record, particularly when no evidence was found as a result of action u/s 132(1) on the assessee regarding undisclosed income in respect of all the properties under consideration
|