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2013 (5) TMI 742 - AT - Income TaxUndisclosed income - search u/s. 132 - Held that:- Regarding the addition of Rs.3.40 lakh in the case of Smt. Dipikaben Y Gandhi and of Rs.3.30 lakh each in the case of remaining two cases, since this much income was declared by these assessees in the revised return of income filed by them and consequential tax was also paid by them, there is no merit in the arguments of assessee regarding these additions in these three cases. Hence, this ground of assessee regarding addition decided against the assessee. Regarding addition of Rs.231,133/- in the case of Smt. Dipikaben Y Gandhi and Rs.2,41,133/- each in remaining two cases, was made by the AO on the basis of valuation report obtained by the assessee for which it was submitted by assessee before the CIT(A) that it was obtained for the purpose of obtaining loan from the bank. It is noted by the Assessing Officer that these three plots were purchased on 05-09-2001 and during the same year, construction was done and valuation report was obtained and the AO has not given even the date of valuation report. There is no finding given by CIT(A) as to how this submission of assessee that valuation report was obtained for the purpose of obtaining loan from the bank is not acceptable. Thus this further addition made by AO on the basis of so-called valuation report in the absence of any other cogent evidence, is not sustainable. therefore delete the same. As a result, assessee, Smt. Dipikaben Y Gandhi's case gets relief of Rs.2,31,133/- whereas the remaining two assessees get relief of Rs.2,41,133/- each - assessee's appeals are partly allowed.
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