https://www.taxtmi.com/caselaws?id=67507 A regularly maintained construction account supported by vouchers and reflected in books of account could not be disregarded for alleged unexplained investment in hotel construction absent specific defects. The ITAT noted that the Assessing Officer did not point out any concrete defect in the records, so the Departmental Valuation Officer's estimate could not override the recorded expenditure. The assessee's registered valuer's estimate, based on State PWD rates and supported by the construction record, was accepted as more appropriate than the DVO's general CPWD-based estimate. On that basis, the addition under section 69 for unexplained construction investment was held unsustainable. en-us Tue, 22 Nov 1994 00:00:00 +0530 Fri, 11 Mar 2011 10:08:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=67507 A regularly maintained construction account supported by vouchers and reflected in books of account could not be disregarded for alleged unexplained investment in hotel construction absent specific defects. The ITAT noted that the Assessing Officer did not point out any concrete defect in the records, so the Departmental Valuation Officer's estimate could not override the recorded expenditure. The assessee's registered valuer's estimate, based on State PWD rates and supported by the construction record, was accepted as more appropriate than the DVO's general CPWD-based estimate. On that basis, the addition under section 69 for unexplained construction investment was held unsustainable. Case-Laws Income Tax Tue, 22 Nov 1994 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=67507