https://www.taxtmi.com/caselaws?id=240947 The appeal under Section 260-A of the Income Tax Act, 1961 against the Income Tax Appellate Tribunal's judgment for the assessment year 1995-96 was dismissed. The court found that the A.O. did not conduct an independent inquiry regarding the investment made by the assessee in the property before making the addition. The court also held that the inquiry conducted by the Departmental valuation officer could not be considered as an inquiry conducted by the A.O. under Section 131(1) of the Income Tax Act. Additionally, the court ruled that the report of the departmental valuation officer determining the cost of construction could not be used by the A.O. for making an addition. The Tribunal's order was deemed invalid in light of the new provisions of Section 142-A introduced retrospectively in the Income Tax Act. en-us Thu, 12 Dec 2013 00:00:00 +0530 Sat, 14 Dec 2013 09:43:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240947 The appeal under Section 260-A of the Income Tax Act, 1961 against the Income Tax Appellate Tribunal's judgment for the assessment year 1995-96 was dismissed. The court found that the A.O. did not conduct an independent inquiry regarding the investment made by the assessee in the property before making the addition. The court also held that the inquiry conducted by the Departmental valuation officer could not be considered as an inquiry conducted by the A.O. under Section 131(1) of the Income Tax Act. Additionally, the court ruled that the report of the departmental valuation officer determining the cost of construction could not be used by the A.O. for making an addition. The Tribunal's order was deemed invalid in light of the new provisions of Section 142-A introduced retrospectively in the Income Tax Act. Case-Laws Income Tax Thu, 12 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240947