https://www.taxtmi.com/caselaws?id=443416 Additions under section 69 based solely on the DVO's estimate of construction cost were held unsustainable where the assessee's valuation material was not properly considered. The assessee had relied on a government-approved valuer's report and notified construction rates, but the Assessing Officer gave no persuasive reasons for rejecting that evidence. The DVO's basis was also not effectively tested, as the assessee was not given a meaningful opportunity to cross-examine the DVO. Reliance on the valuation report alone, without addressing these objections or testing the methodology, was found inconsistent with fair procedure and natural justice, and the additions were deleted. en-us Wed, 20 Sep 2023 00:00:00 +0530 Sat, 23 Sep 2023 08:36:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443416 Additions under section 69 based solely on the DVO's estimate of construction cost were held unsustainable where the assessee's valuation material was not properly considered. The assessee had relied on a government-approved valuer's report and notified construction rates, but the Assessing Officer gave no persuasive reasons for rejecting that evidence. The DVO's basis was also not effectively tested, as the assessee was not given a meaningful opportunity to cross-examine the DVO. Reliance on the valuation report alone, without addressing these objections or testing the methodology, was found inconsistent with fair procedure and natural justice, and the additions were deleted. Case-Laws Income Tax Wed, 20 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443416