https://www.taxtmi.com/caselaws?id=306712 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs.11,21,476 made by the AO due to discrepancies in property valuation. The ITAT emphasized the importance of independent and scientific valuation methods, ruling that the burden of proof lies with the revenue to demonstrate understatement of investment. The appeal by the revenue was dismissed, affirming the CIT(A)'s order. en-us Fri, 15 Jul 2011 00:00:00 +0530 Mon, 20 Feb 2023 15:02:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306712 The ITAT upheld the CIT(A)'s decision to delete the addition of Rs.11,21,476 made by the AO due to discrepancies in property valuation. The ITAT emphasized the importance of independent and scientific valuation methods, ruling that the burden of proof lies with the revenue to demonstrate understatement of investment. The appeal by the revenue was dismissed, affirming the CIT(A)'s order. Case-Laws Income Tax Fri, 15 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306712