2005 (1) TMI 344

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... h capital account and balance sheet declaring investment in house construction at Rs. 1,65,501 from capital of HUF and Rs. 50,000 as loan from Smt. Sushila Bai for the asst. yr. 1987-88. The assessment was completed under s. 143(1) of the IT Act, 1961 (hereinafter referred to as the Act for short), on 25th Aug., 1987. Thereafter, the ITO, Sumerpur, referred the matter of valuation of cost of con .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... been passed under s. 143(1) of the Act on 25th Aug., 1987. The reopening of the assessment was done by issue of notice under s. 148 of the Act for two reasons: Reason No. 1 : Details of construction not given and the difference of investment as declared by the assessee and as valued by DVO. Reason No. 2 pertains to loan of Rs. 50,000 taken from Smt. Sushila Bai was not genuine. 6. Valuation .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X