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2015 (1) TMI 362 - ITAT LUCKNOWValidity of reassessment u/s 147 and 148 – Understatement of income filed in the return or not – Held that:- In assessee’s husband’s case the matter has been decided as the valuation of cost of construction was referred to the DVO u/s 142A(1), whose report was received on 21.11.2006 - In the report cost of construction has been fixed as shown by the assessee - The investment declared by the assessee and estimated by the DV - the difference in investment declared by the assessee and the cost of investment estimated by the Valuation Officer has been added u/s 69 to the income as income from undisclosed sources of the assessee – the AO without referring to any material which could justify his conclusion that the income of the assessee escaped assessment, instantiated the proceedings u/s. 147 of the Act, the action was not justified because the action appears to be on suspicion and for making roving enquiries. The basis of the reasons recorded by the AO is that the assessee along with her husband Shri Chunni Lal Prajapati was making huge investment in construction of property - the reopening was not justified because the action was on suspicion and for making roving enquiries - When the investment in house property alleged by the Department is in the joint name of the assessee and her husband, it was held by the Tribunal that the reopening is not valid because the same is on suspicion and for making roving enquiries - it cannot be said that the reopening is valid – Decided in favour of assessee.
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