https://www.taxtmi.com/caselaws?id=753906 The ITAT Jaipur dismissed the revenue's appeal challenging deletion of unexplained investment addition for factory construction. The AO had made additions based solely on a private registered valuer's report obtained during search proceedings without any incriminating material or corroborative evidence. The tribunal upheld CIT(A)'s decision, following Delhi HC precedent in CIT v. Nishi Mehra, which held that additions cannot be made purely on valuation reports absent supporting incriminating material pointing to property under-valuation. The revenue failed to provide contrary judicial precedent to support their position. en-us Thu, 18 Jan 2024 00:00:00 +0530 Wed, 12 Jun 2024 11:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753906 The ITAT Jaipur dismissed the revenue's appeal challenging deletion of unexplained investment addition for factory construction. The AO had made additions based solely on a private registered valuer's report obtained during search proceedings without any incriminating material or corroborative evidence. The tribunal upheld CIT(A)'s decision, following Delhi HC precedent in CIT v. Nishi Mehra, which held that additions cannot be made purely on valuation reports absent supporting incriminating material pointing to property under-valuation. The revenue failed to provide contrary judicial precedent to support their position. Case-Laws Income Tax Thu, 18 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753906