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2011 (5) TMI 316 - HC - Income TaxUnexplained investment - Re-opening assessment - Construction of a house - On valuation, the cost of the house was determined at Rs.7,54,980/- whereas the assessee had claimed that the value of the house was Rs.3,25,000/- in his return. - Held that: - Though the assessee specifically claimed that the investment was made in the previous assessment year, there is no material on record to support his claim - The assessee came out with this explanation after many years - There is no material on record to show that the construction of the house had in fact started in the previous assessment year - The assessee is just trying to cover up the lacunae in his case - Therefore, decided in favour of the revenue and against the assessee.
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