Documentary evidence of bank credits, gifts, fixed-deposit encashment and disclosed business income supported the sources used for an immovable-property purchase and related registration charges, leading to deletion of additions for unexplained investment. On stamp-duty valuation, the text states that once the Assessing Officer referred valuation to the Departmental Valuation Officer, the stamp-duty value could not be adopted as fair market value before receiving the valuation report or identifying defects in the explanation of lower market value for the basement property. The resulting addition based on the valuation difference was also deleted.
Documentary evidence of bank credits, gifts, fixed-deposit encashment and disclosed business income supported the sources used for an immovable-property purchase and related registration charges, leading to deletion of additions for unexplained investment. On stamp-duty valuation, the text states that once the Assessing Officer referred valuation to the Departmental Valuation Officer, the stamp-duty value could not be adopted as fair market value before receiving the valuation report or identifying defects in the explanation of lower market value for the basement property. The resulting addition based on the valuation difference was also deleted.
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