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2019 (9) TMI 903 - AT - Income TaxAddition u/s 69C on the basis of valuation report - search u/s 132(1) - HELD THAT:- It is undisputed fact that appellant assessee has made investment in construction of said property No. 5/157. CIT(A) has dealt with the issue at length after considering detailed submissions filed by the assessee, valuation report, remand report of the AO and rejoinder of the assessee on the remand report as well as the objections raised by the assessee to the valuation report. CIT(A) has accommodated the assessee by and large allowing that considering contingency and miscellaneous items @2% and the method of valuation on the basis of detailed item wise as per second valuation report wherein more scientific method was followed in arriving correct investment as even admitted by valuation officer. CIT(A) are appears very reasonable and logistic on the premises of scientific approach duly supported with judicial pronouncement. Therefore, the assessee should not have any grievance from the impugned order. In the case of Shri Sanjeev [2017 (12) TMI 792 - ITAT AGRA] the facts were that the assessee has maintained books of account, balance sheet and profit and loss account for the three years and filed the material documentary evidence with year wise break up of investment made by the assessee in the construction whereas in the present case, assessee has not maintained books of account and fail to furnish bills and vouchers in support of material purchased to substantiate the cost of construction of the house. Since the assessee did not maintain regular books of account to record all the expenditure of the property so the present case is distinguishable on facts and would be no help to the assessee. Appeal of the assessee is dismissed.
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