TaxTMI 
TaxTMI 
2013 (5) TMI 742
X X X X Extracts X X X X
X X X X Extracts X X X X
....ere heard together and are being disposed of by way of this common order for the sake of convenience. 2. Briefly stated facts are that a search u/s. 132 of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') was carried out in the premises of Shri Sanjay I Sadadiwala on 07-11-2006 and some books of accounts and documents have been found which belonged to these three assessees who are family members. The AO of all these assessees issued a notice u/s. 153C of the Act and asked the these assessees to file return of income. Thereafter all three assessees have filed return of income. Dipikaben Y Gandhi, IT(SS)A No. 504/Ahd/2010 filed the return on 31-07-2008 in response to notice declaring total income of Rs.1,18,810/- later on she ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Assessing Officer was in respect of bungalow alleged to be constructed by these assessees on the plot for which income was declared by the assessees in the revised return of income. In the case of Smt. Dipika Y Gandhi, the AO made addition of Rs.2,41,133/- on this basis, that plot value of bungalow considering in the three cases was valued by valuer at Rs.17,13,400/- and hence, the value of one plot comes to Rs.5,71,133/-. The assessee had declared Rs.3.40 lakh in the revised return of income for which separate addition was made by the AO, the AO made further addition of balance amount of Rs.2,31,133/-. Similarly in the case of, Shri Maheshkumar A Gandhi also, the AO worked out the value of Rs.5,71,133/- and after deducting the amount of ex....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y them, there is no merit in the arguments of Ld. AR of the assessee regarding these additions in these three cases. Hence, this ground of assessee regarding addition of Rs.3.40 lakh in the case of Smt. Dipikaben Y Gandhi and of Rs.3.30 lakh each in the remaining two cases is decided against the assessee. 4.2 Regarding addition of Rs.231,133/- in the case of Smt. Dipikaben Y Gandhi and Rs.2,41,133/- each in remaining two cases, we find that this addition was made by the Assessing Officer on the basis of valuation report obtained by the assessee. Regarding this valuation report, it was submitted by assessee before the Ld. CIT(A) as noted by him in from 5.1 of his order that valuation report was obtained for the purpose of obtaining loan fro....