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2013 (12) TMI 1319 - HC - Income TaxUndisclosed investment in property - Held that:- The Tribunal recorded finding of fact that the document of possession (kabzanama) dated 16.1.1992 in respect of the house contained agreement with the vendor agreeing to pay Rs.2,60,000/- on her behalf to the Kanpur Development Authority for discharging liabilities of the vendor - The purchaser of the property were not party to the 'kabzanama' and no amount was paid by them in cash - Decided against Revenue. Estimation of cost of construction on reference to valuation officer - Held that:- The Tribunal rightly held that the appellant assessee's assessment was being made in consequence of the search - The assessment was to be limited on the basis of the material discovered or information received in the search - The A.O. could not have referred the matter and relied upon the report of the Valuation Cell to work out the unexplained investment - The A.O. could not have referred the matter and relied upon the report of the Valuation Cell to work out the unexplained investment which could be relied upon under Section 158BB - Decided against Revenue.
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