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2008 (4) TMI 317 - HC - Income TaxInvestment made in construction of building from undisclosed sources - “1. Whether the assessee was under mandatory obligation to get valuation report from a technically qualified person in support of the value of construction shown by her in her books of account. - 2. Whether the Tribunal erred in law in accepting the valuation done by the Revenue without rejecting the books of account submitted by the assessee.” - The assessee has shown investment in the building at Rs.26.99 lakhs. The Assessing Officer found that the claim of investment is not supported with sufficient proof. The value of the building was then got assessed by the Income-tax Department through the Departmental Valuation - Officer - As per the valuation report, estimated investment in the construction of the building was Rs. 46,5 7,430 – Assessing Officer added Rs. 19,57,092 to the income of the assessee treating the said amount as additional investment made in the construction of the building from undisclosed sources under section 69 - In the impugned order Appellate Tribunal restricted the addition to 10 lakh and partly allowed the assessee’s appeal – authorities below have already applied their mind to the facts of the case and we are not inclined to interfere with the factual satisfaction recorded ultimately by the Tribunal. – Tribunal was justified in accepting the valuation done by the revenue without rejecting the books of account submitted by the assessee as assessee herself admitted at the spot that the accounts were not complete
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