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2015 (11) TMI 171 - AT - Income TaxUnexplained investment made by the assessee in construction of industrial shed - CIT(A) deleted part addition - Held that:- Mere valuation report is not sufficient to conclude that the assessee has made unexplained investment. From perusal of the assessment, nowhere it reveals that inspite of search, Revenue was in a position to lay its hands on any material exhibiting the unexplained investment made by the assessee, over and above one stated in the books of accounts. The ld. First appellate Authority has not adjudicated this issue, rather, gave substantial relief on the ground that the DVO has erred in determining the fair market value of the investment. We do not find any reason to interfere in the order of the CIT(A), but we uphold his order for different reason i.e. the issue is covered in favour of the assessee by the decision of the Hon’ble High Courts in CIT Vs. Sadhna Gupta [2013 (3) TMI 418 - DELHI HIGH COURT] and Commissioner of Income-tax Versus Jayendra N. Shah [2014 (11) TMI 47 - GUJARAT HIGH COURT] As far as CO filed by the assessee is concerned, we are of the view that sub-section 4 of section 253 authorises the respondent to file cross-objection on receipt of notice in appeal. The CO is required to be filed within 30 days of receipt of notice and it is to be verified in the manner akin to an appeal, but, the CO is to be filed against any part of the order impugned in the appeal. In the CO filed by the assessee, he has nowhere demonstrated his grievances against any part of the order of the CIT(A), as such, the CO is not maintainable in the present form.
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