2017 (1) TMI 1257

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... , it is not open to the AO to refer the matter to the Department Valuation Officer (DVO) for determining the value of the property and in absence of the same the tribunal has come to the conclusion that no addition would have been made on account of investment under Section 69 of the Income Tax Act to the income of the assessee. Assessee has also relied upon a decision in the case of Sargam Cin .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... t an order dated 27.10.2005 for the assessment year 1997-1998. The questions of law sought to be answered are hereunder: (1) Whether on the facts and in the circumstances of the case, the Tribunal has erred in law in holding that no addition on account of unexplained investment in the property could be made under Section 69 of the Income Tax Act, 1961 following the ratio laid down by the H .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... er and above the amount shown in the Books of accounts and Balance sheet in the acquisition of the House Property? The Tribunal while discussing and examining the matter has come to the conclusion that the books of accounts as maintained by the assessee have not been rejected by the AO and such being the defect of the case, it is not open to the AO to refer the matter to the Department Valuat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X