https://www.taxtmi.com/caselaws?id=187634 The Tribunal upheld the deletion of the addition of Rs. 36,69,000 made under section 69 of the Income Tax Act. The Revenue's appeal was dismissed as the property investment was disclosed by the assessee, no undisclosed investment was proven, and the AO solely relied on the valuation report without addressing the assessee's objections. The burden of proof for understatement or concealment of income lies with the Revenue, and adding amounts based solely on a valuation report was deemed impermissible. en-us Fri, 30 Oct 2015 00:00:00 +0530 Sat, 29 Oct 2016 11:01:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=187634 The Tribunal upheld the deletion of the addition of Rs. 36,69,000 made under section 69 of the Income Tax Act. The Revenue's appeal was dismissed as the property investment was disclosed by the assessee, no undisclosed investment was proven, and the AO solely relied on the valuation report without addressing the assessee's objections. The burden of proof for understatement or concealment of income lies with the Revenue, and adding amounts based solely on a valuation report was deemed impermissible. Case-Laws Income Tax Fri, 30 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=187634