2017 (1) TMI 119

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....t has challenged the judgment and order passed by the Tribunal whereby the Tribunal has dismissed the appeal of the Department and confirmed the order of the CIT(A). 2. This court while admitting the appeal on 20.07.2004, framed the following substantial question of law:- "Whether on the facts and circumstances of the case and in law the I.T.A.T. was right and justified in deleting the addition....

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....d that the investment was in the vicinity of Rs. 60 lacs. To elucidate the correctness of the cost of construction vide letter dated 14.9.98 no 660 the District valuation Officer, Jaipur was authorised u/s 131 (I)(d) of the Income Tax Act 1961 to determine the true and correct cost of construction of the said property vide report no.281 dated 27.8.99 the DVO forwarded the valuation report estimati....

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....830/- for the said assessment year. Vide letter dated 4.10.2000, a show-cause notice was issued to the assessee, enclosing therewith a valuation report of the DVO, requiring the assessee to explain as to why the difference should not be treated as income from undisclosed sources for the relevant period. The assessee submitted his reply, vide letter dated 11.10.99, in which he has submitted his obj....

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....ade on 14th September, 1998. He thus contended that the judgment of Supreme Court in Amia Bala Paur is not applicable. 6. In our view, the judgment of the Supreme Court which is sought to be relied upon by the Tribunal in the case of Amiya Bala Paul Vs. C.I.T., 262 ITR 407, is fully applicable to the facts of the case. 7. Taking into consideration that the independent valuation was not done on t....