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2015 (10) TMI 2848 - AT - Income TaxUnexplained investment in construction of residential building - Addition merely on the basis of DVO’s report - CIT(A) has deleted the 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. FAA is of the opinion that the addition cannot be made merely on the basis of DVO’s report, and there should be some other incriminating material to support the case of the Revenue. No reason to interfere in the order of the CIT(A), which is confirmed and the ground of appeal of the Revenue is dismissed.
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