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2005 (1) TMI 19 - HC - Income Tax"1. Whether Tribunal was right in law in deleting the addition made on account of difference in the valuation of property arrived at by the Departmental Valuation Officer and that declared by the assessee in its books of account? 2. Whether Tribunal was right in law in deleting the addition on technical ground that the books of the assessee were not rejected without discussing the merits of the valuation report? - Report of DVO was clearly invalid. If the said report is excluded from consideration, there is no material, whatsoever, warranting any addition on account of unexplained investment. Thus the conclusion of the Tribunal has to be sustained on this ground alone. In this view of the matter, we do not deem it necessary to go into the other aspects of the matter on the basis of which relief has been allowed by the Tribunal. We reformulate the question as: "Whether Tribunal was right in law in deleting the addition on account of unexplained investment in the cost of construction of factory building?" - This question is answered in the affirmative, i.e., in favour of the assessee
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