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2019 (7) TMI 610 - HC - Income TaxUnaccounted investment - search and seizure operation u/s 132 wherein an unsigned ‘Agreement to Sell’ was found - rejection of report of the DVO - HELD THAT:- DVO having complete knowledge of the unsigned agreement, which was much lesser than the total amount that was revealed from the two agreements found. It was noted by the ITAT that presumption could only be made under Section 132 (4A) and that too was rebuttable. The matter was referred to the DVO after the seizure of the aforementioned document. The DVO concluded that the property was worth ₹ 7.11 crores and the AO could not have disputed that finding. It was also noted by the ITAT that “the sale price on the basis of signed documents is accepted by the department in the hands of sellers of the property or shareholders of Bluebird Software Private Limited." This Court concurs with the ITAT that indeed the AO could not have rejected the report of the DVO since it was at his instance that it was prepared. CIT (A) also appears to have missed this aspect while dismissing the appeal of the Assessee. In light of the report of DVO, there was no justification for the AO to have added ₹ 6,98,00,000/- to the income of the Assessee on the basis of the unsigned documents. The Court finds that the impugned order of the ITAT does not suffer from any legal infirmity and does not give rise to any substantial question of law.
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