TMI Blog2013 (5) TMI 742X X X X Extracts X X X X X X X X Extracts X X X X ..... each in remaining two cases, was made by the AO on the basis of valuation report obtained by the assessee for which it was submitted by assessee before the CIT(A) that it was obtained for the purpose of obtaining loan from the bank. It is noted by the Assessing Officer that these three plots were purchased on 05-09-2001 and during the same year, construction was done and valuation report was obtained and the AO has not given even the date of valuation report. There is no finding given by CIT(A) as to how this submission of assessee that valuation report was obtained for the purpose of obtaining loan from the bank is not acceptable. Thus this further addition made by AO on the basis of so-called valuation report in the absence of any other c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2008 in response to notice declaring total income of Rs.1,18,810/- later on she filed revised return on 06-10-2008 declaring income of Rs.4,51,810/- (including undisclosed income of Rs.3.40 lakh) and the tax was also paid by her of Rs.1,06,634/- on 06- 10-2008. Similarly second assessee, Shri Maheshkumar A Gandhi in IT(SS)A No. 505/Ahd/2010 filed return of income on 31-07-2008 declaring total income of Rs.84,560/- and thereafter revised return of income was filed on 06-10-2008 declaring total income of Rs.4,14,560/- (including undisclosed income of Rs.3.30 lakh). Similarly, Smt Anishaben M Gandhi in IT(SS)A No. 506/Ahd/2010 filed return of income on 31-07-2008 declaring total income of Rs.86,780/- and thereafter, she also filed revised retu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he AO worked out the value of Rs.5,71,133/- and after deducting the amount of extra disclosure made by the assessee in the revised return of income of Rs3.30 lakh, he made further addition of Rs.241,133/- in his hands. In the hand of the third assessee, Smt. Anishaben M Gandhi also, the AO estimated the value of one bungalow at Rs.5,71,133/- and after deducting the amount disclosed by this assessee in the revised return of income of Rs.3.30 lakh, he made further addition of Rs.2,41,133/- in her hands. All the three assessees carried the matter in appeal before Ld. CIT(A) against all these three additions and Ld. CIT(A) has deleted the second addition made by AO in respect of 15% of the expenses debited in profit and loss account for which t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f his order that valuation report was obtained for the purpose of obtaining loan from the bank. It is noted by the Assessing Officer that these three plots were purchased on 05-09-2001 and during the same year, construction was done and valuation report was obtained and the AO has not given even the date of valuation report. There is no finding given by Ld. CIT(A) as to how this submission of assessee that valuation report was obtained for the purpose of obtaining loan from the bank is not acceptable. Considering all these facts, we are of the considered opinion that in the present cases, this further addition made by AO on the basis of so-called valuation report in the absence of any other cogent evidence, is not sustainable. We therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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