[aaykarbhavan] No sec. 69 addition on basis of DVO’s report in absence of any evidence of unexplained investment

No sec. 69 addition on basis of DVO's report in absence of any evidence of unexplained investment

December 18, 2014[2014] 52 taxmann.com 70 (Patna-Trib)/[2014] 34 ITR(T) 717 (Patna-Trib)/[2014] 164 TTJ 786 (Patna-Trib)

IT : In absence of any evidence of unexplained investment, registered valuer's report, as submitted by assessee, cannot be rejected and addition cannot be made under section 69 on basis of DVO's report

IT : Where Commissioner (Appeals) himself has accepted that except ground floor of Block A, apartment was still under construction and property was incapable of being let out prior to its completion, he was not justified in estimating rent for all floors of Block-A on basis of rent received from Bank for ground floor and making addition as undisclosed income

IT : Where undisclosed professional receipts declared by assessee in cash flow statement covered huge cash deposit in bank, no separate addition was called for on account of such deposits

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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