https://www.taxtmi.com/caselaws?id=117281 Addition for unexplained investment in house construction under section 69 requires the Assessing Officer to record a reasoned satisfaction, based on material on record, that the disclosed construction cost is incorrect. A valuation report alone cannot displace unrejected books of account. Where valuation is undertaken in the stated circumstances, State PWD rates rather than CPWD rates provide the appropriate basis. On this approach, valuation-based additions were deleted and the assessee's appeals succeeded. A dissenting view considered the valuation reference valid and the additions justified. 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 Addition for unexplained investment in house construction under section 69 requires the Assessing Officer to record a reasoned satisfaction, based on material on record, that the disclosed construction cost is incorrect. A valuation report alone cannot displace unrejected books of account. Where valuation is undertaken in the stated circumstances, State PWD rates rather than CPWD rates provide the appropriate basis. On this approach, valuation-based additions were deleted and the assessee's appeals succeeded. A dissenting view considered the valuation reference valid and the additions justified. Case-Laws Income Tax Sat, 06 Jul 2002 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=117281