https://www.taxtmi.com/caselaws?id=180075 The ITAT Hyderabad held that revision under section 263 could not be sustained where agricultural income had been accepted in earlier years, showed no abnormal rise, and the original assessment was a plausible view. It also directed redetermination of construction cost by taking the DVO's valuation as a base and allowing deductions for local rate difference and self-supervision. Additions for unexplained investment and bank credits were upheld because the assessee failed to prove the source and creditworthiness, while a loose, uncorroborated seized paper could not support an addition for unexplained expenditure and was deleted. Land sold after long holding remained agricultural in character, so the reopening for the later year was invalid and the declared agricultural income was not restricted. en-us Wed, 19 Dec 2012 00:00:00 +0530 Wed, 16 Mar 2016 10:58:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180075 The ITAT Hyderabad held that revision under section 263 could not be sustained where agricultural income had been accepted in earlier years, showed no abnormal rise, and the original assessment was a plausible view. It also directed redetermination of construction cost by taking the DVO's valuation as a base and allowing deductions for local rate difference and self-supervision. Additions for unexplained investment and bank credits were upheld because the assessee failed to prove the source and creditworthiness, while a loose, uncorroborated seized paper could not support an addition for unexplained expenditure and was deleted. Land sold after long holding remained agricultural in character, so the reopening for the later year was invalid and the declared agricultural income was not restricted. Case-Laws Income Tax Wed, 19 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180075