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2015 (10) TMI 1069 - AT - Income TaxAddition u/s. 69B on the basis of valuation estimated by DVO - CIT(A) deleted the addition - Held that:- According to assessee, the investments are declared in the books of account, which are not rejected by the AO for making reference to DVO. Neither the AO has brought on record any evidence regarding any investment made by assessee in the properties in excess of the amount mentioned in the sale deeds. The Ld. Sr. DR has not disputed these facts. Admittedly, the correctness of the figures incorporated in the books of account are not disputed by the AO, so there cannot be any reference to DVO within the premise of section 142A of the Act. This view is settled by Hon'ble Supreme Court in the case of Sargam Cinema Vs. CIT (2009 (10) TMI 569 - Supreme Court of India ), wherein it is held that the AO could not have referred the matter to the DVO without rejecting the books of account. Here, in the present case also, the books of account are not rejected by AO. Hence, reference is bad in law. In the present case, the AO has not given any finding and has not brought on record any evidence to justify the undisclosed investment in the acquisition of these properties i.e. two flats. In such circumstances, we are of the view that the AO has not rightly proceeded for invocation of the provisions of section 69B of the Act. Accordingly, the unexplained investment added by the AO is without any basis and against the provisions of law. - Decided in favour of assessee.
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