TMI Blog2017 (1) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... me Court which is sought to be relied upon by the Tribunal in the case of Amiya Bala Paul Vs. C.I.T.,[2003 (7) TMI 4 - SUPREME Court] is fully applicable to the facts of the case. Taking into consideration that the independent valuation was not done on the basis of valuation of DVO, the addition were made and after considering both the orders of CIT(A) and Tribunal and the decision of Hon'ble S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the cost of construction of the immovable property and whether the finding of the Tribunal is perverse? 3. The brief facts of the case are that the return of income (2 of 4 ) was filed on 24.1.96 declaring income of ₹ 861920. The assessee had preferred an appeal against the said order but availing the facility offered by the KVSS had withdrawn his appeal and aid the taxes due. His ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at ₹ 5469830/- and giving all details therein. Since records of the Assessing Officer regarding valuation of said property revealed that the value as declared by the assessee was not correct and that because there was reason to believe that this income chargeable to tax had escaped assessment within the meaning of Section 147 of the Income Tax Act 1961, a notice u/s 148 of the Income Tax Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Valuation Officer stating that CPWD rates have been applied instead of PWD rates the valuation officer has ignored the various points pointed out by the assessee for reducing the cost of construction. The Assessing Officer however passed an order and made an addition of ₹ 3987285/- as unexplained investment in respect of the construction. 4. We have heard Mr. Singhi, learned counsel f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of DVO, the addition were made and after considering both the orders of CIT(A) and Tribunal and the decision of Hon'ble Supreme Court, we are of the opinion that the view taken by the Tribunal is just and proper. 8. The contention which has sought to be canvassed was never canvassed before CIT(A) or before the Tribunal. 9. Hence the issue is answered in favour of the assessee and agains ..... X X X X Extracts X X X X X X X X Extracts X X X X
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