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2017 (12) TMI 351 - AT - Income TaxAdditions u/s 69 - Unexplained investments - Undervaluation of property - addition based upon the DVO's report - absence of any corroborative evidence - Held that:- It is not disputed that a readymade building was purchased by the assessee; that no evidence was found during the course of search action conducted at the residential premises of the assessee and other family members warranting such assessment proceedings in the case of assessee; that the assessee had purchased a constructed residential house, as detailed in the purchase deed; that no construction was carried out after the purchase of the property on 16.09.2007; and that no evidence that after the purchase of the property on 16.09.2007 either any investment was made by the assessee or investment is found recorded in its books of accounts, either during the course of search of the assessee’s residence and business premises, or thereafter during the course of assessment proceedings or even in the DVO’s enquiry proceedings. Thus we hold that the AO could not tax the said amounts merely based upon the DVO's report in the absence of any corroborative material to point out under-valuation of the property in question. Therefore, we accept the grievance of the assessee as justified. Accordingly, the impugned orders of the ld CIT(A) are reversed and the additions are hereby deleted, for all the Assessment Years, i.e., from A.Y. 2007-08 to 2013-14. - Decided in favour of assessee.
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