https://www.taxtmi.com/caselaws?id=117281 An addition under section 69 for unexplained investment in house construction cannot rest only on a Departmental Valuation Officer's report. The Assessing Officer must first record reasoned satisfaction, based on material on record, that the assessee's disclosed construction cost is incorrect; where the books of account are not rejected, an expert valuation opinion alone cannot displace them. The analysis also states that, if valuation is undertaken in the circumstances described, State PWD rates are the proper basis rather than CPWD rates. The note records that the valuation-based additions were deleted and that a dissenting view would have upheld the reference to the valuation officer and the additions. en-us Sat, 06 Jul 2002 00:00:00 +0530 Wed, 21 Sep 2016 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=117281 An addition under section 69 for unexplained investment in house construction cannot rest only on a Departmental Valuation Officer's report. The Assessing Officer must first record reasoned satisfaction, based on material on record, that the assessee's disclosed construction cost is incorrect; where the books of account are not rejected, an expert valuation opinion alone cannot displace them. The analysis also states that, if valuation is undertaken in the circumstances described, State PWD rates are the proper basis rather than CPWD rates. The note records that the valuation-based additions were deleted and that a dissenting view would have upheld the reference to the valuation officer and the additions. Case-Laws Income Tax Sat, 06 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117281