2006 (11) TMI 169 - HC - Income Tax

Summary

The High Court of Gujarat ruled in favor of the assessee, stating that no addition can be made based on the valuation report of unexplained income invested in construction. The court emphasized that adding unexplained income to the investment would result in a "zero" balance. The decision was influenced by a previous case stating that a Valuation Officer cannot be consulted to determine the cost of construction.