https://www.taxtmi.com/caselaws?id=11020 Unexplained investment additions based on a valuation report were unsustainable where the assessee's registered valuer had given a more detailed and credible item-wise valuation accepted by the appellate authorities. A reference to the Valuation Officer for estimating construction cost was also held invalid because the Assessing Officer lacked statutory authority to make such a reference in the absence of express permission. Once the unauthorised valuation report was excluded, no supporting material remained for reassessment or additions. The resulting principle is that reassessment cannot rest on a valuation report obtained without legal authority, and unexplained investment additions fail without independent evidence. en-us Mon, 23 Feb 2004 00:00:00 +0530 Wed, 29 Jul 2009 12:36:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=11020 Unexplained investment additions based on a valuation report were unsustainable where the assessee's registered valuer had given a more detailed and credible item-wise valuation accepted by the appellate authorities. A reference to the Valuation Officer for estimating construction cost was also held invalid because the Assessing Officer lacked statutory authority to make such a reference in the absence of express permission. Once the unauthorised valuation report was excluded, no supporting material remained for reassessment or additions. The resulting principle is that reassessment cannot rest on a valuation report obtained without legal authority, and unexplained investment additions fail without independent evidence. Case-Laws Income Tax Mon, 23 Feb 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=11020