2009 (1) TMI 909

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..... to income -tax for the asst. yr. 1989 -90. The AO made assessment under s. 143(3) r/w s. 148 of the Act determining the total income of ₹ 2,67,790 which included disputed additions of ₹ 2,21,683 being undisclosed income under s. 69B of the Act representing unexplained investment in construction and ₹ 25,000 being unexplained deposit in savings bank account. Aggrieved by the same .....

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..... books of accounts which have been made available for the purpose of assessment. The AO has not rejected the books of accounts maintained by the assessee, which he maintained in the usual course of business. Nor did the AO establish that there was difference in. the area of construction of the building. The only difference is that the Valuation Officer has valued the building at a higher rate, due .....

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..... he case, the Division Bench found fault with the order of the Tribunal in accepting the valuation of the house properties. The facts are identical in this case. As stated earlier, the books of accounts have not been rejected by the AO as not credible. In those circumstances of the case, the Tribunal has taken a correct view that the valuation reflected in the books of accounts has to be taken, .....

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