2009 (1) TMI 909

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..... s follows "The assessee is a person assessed to income -tax for the asst. yr. 1989 -90. The AO made assessment under s. 143(3) r/w s. 148 of the Act determining the total income of ₹ 2,67,790 which included disputed additions of ₹ 2,21,683 being undisclosed income under s. 69B of the Act representing unexplained investment in construction and ₹ 25,000 being unexplained depos .....

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..... record, it is clear that the assessee has maintained books of accounts which have been made available for the purpose of assessment. The AO has not rejected the books of accounts maintained by the assessee, which he maintained in the usual course of business. Nor did the AO establish that there was difference in. the area of construction of the building. The only difference is that the Valuation O .....

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..... see were not credible. In those circumstances of the case, the Division Bench found fault with the order of the Tribunal in accepting the valuation of the house properties. The facts are identical in this case. As stated earlier, the books of accounts have not been rejected by the AO as not credible. In those circumstances of the case, the Tribunal has taken a correct view that the valuation refl .....

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