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2010 (8) TMI 64 - HC - Income TaxSearch – valuation of plots - No incriminating document or material was found or seized during the search operation in respect of aforesaid two plots purchased by the respondent-assessee. However, the Assessing Officer referred these two plots for valuation under Section 142A of the Act, 1961. - On the basis of the valuation report submitted by the District Valuation Officer (in short "DVO"), the Assessing Officer made an addition of Rs.19,48,200/- in respondent-assessee's income. – ITAT deleted the additions – Held that: - , no evidence much less incriminating evidence was found as a result of the search to suggest that the assessee had made any payment over and above the consideration mentioned in the registered sale deeds. In any event, the final fact finding authority, namely, the Tribunal has arrived at a finding that the instances of the sale taken into account by the Valuation Officer were not comparable as they were situated far away from the location of the plots purchased by the respondent-assessee. – revenue’s appeal dismissed – decided in favor of assessee
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