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2017 (11) TMI 1705 - HC - Income TaxAddition towards construction of factory as unexplained investment - addition on the basis of Valuation Officer’s report given u/s 142A invalid - Held that:- It has come on record that before passing the order, Director of the company was not available and time was sought time. However, they have returned only on 8.1.2007 and the matter was concluded without giving proper opportunity to the assessee. In that view of the matter, as observed explanation tendered under Rule 46A was found to be satisfactory. Therefore, the report of DVO was not considered valid and the same was not found acceptable in view of the explanation tendered by the assessee and others. Tribunal has given cogent reasons while passing the impugned judgment. We are in complete agreement with the view taken by the tribunal. - Decided in favour of the assessee
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