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2012 (10) TMI 576 - ITAT, DELHIAddition by DVO - CIT(A)deleted the addition - further addition made by AO while passing order u/s 154 - Held that:- CIT(A) by observing that there was no iota of evidence before the AO to arrive at a conclusion that assessee had received something more than what has been disclosed in the books of accounts and there is no room for any estimation for making addition u/s 69B, and for extending the implication of the expression ‘expended’ used in Section 69B, so far as the sale of the shares is concerned. Accordingly, the addition made in the original assessment by taking the value of Rs.5000 per sq. yard was deleted by the CIT(A). Since CIT(A) observed that since the original order has been decided in favour of the assessee, therefore, the present rectification of the said order which merely goes on to enhance the value of the land for calculation of the value of shares is also consequentially and logically required to be deleted. Enhancement of income on the basis of valuation report of the DVO is itself a debatable issue and, therefore, cannot form part of rectification per se. Thus as the addition made originally has already been deleted by the predecessor of the present Commissioner of Income Tax(A) therefore, further enhancing any addition without any material was also liable to deleted - against revenue.
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