https://www.taxtmi.com/caselaws?id=275046 The High Court upheld the deletion of the addition towards construction of a factory as unexplained investment in favor of the assessee. It found that since the company had not commenced business and had no income source for unexplained investments, any addition should be made in the hands of the directors, not the company. The court also agreed with the tribunal that the Assessing Officer was not justified in directing the examination of the issue in the directors' hands based on the Valuation Officer's report. The appeal was dismissed in favor of the assessee. en-us Tue, 07 Nov 2017 00:00:00 +0530 Sun, 16 Sep 2018 18:22:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=275046 The High Court upheld the deletion of the addition towards construction of a factory as unexplained investment in favor of the assessee. It found that since the company had not commenced business and had no income source for unexplained investments, any addition should be made in the hands of the directors, not the company. The court also agreed with the tribunal that the Assessing Officer was not justified in directing the examination of the issue in the directors' hands based on the Valuation Officer's report. The appeal was dismissed in favor of the assessee. Case-Laws Income Tax Tue, 07 Nov 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=275046