The ITAT considered whether an assessing officer can refer to a ...

Unexplained investment in factory construction added based on private valuer's report quashed. AO can refer to valuer during search/survey.

Case Laws Income Tax

June 13, 2024

The ITAT considered whether an assessing officer can refer to a registered valuer u/s 55A based on physical appearance during search/survey without rejecting books of account. Sections 16A of Wealth-tax Act and 142A empower AO to refer to Valuation Officer for asset valuation. Valuation Officer must consider evidence provided by taxpayer and make judgment. AO can use Valuation Officer's report in assessment. Addition based solely on private valuer's report without incriminating material was challenged. CIT(A) cited precedent that addition cannot be made solely on valuation report without corroborative evidence. Revenue's argument dismissed, challenging addition.

View Source

← Previous Next →

The ITAT considered whether an assessing officer can refer to a ...

Unexplained investment in factory construction added based on private valuer's report quashed. AO can refer to valuer during search/survey.

Case Laws Income Tax

June 13, 2024

You may also like:

Capital gain computation - cost of acquisition of the asset as on 01.04.1981 - valuation report of the DVO Vs. Registered valuer Report - Approved Valuer’s report taking...

Unexplained investment - No addition can be made on the basis of the report of the DVO without the books of account being rejected, wherein expenditure relating to the...

Unexplained investment in purchase land - on-money payment - The addition is also not based on valuation of land by any registered valuer. The addition is also not based...

Unexplained investment u/s 69B - any investment made during the earlier years including the advances made, cannot be added as unexplained investment merely because that...

Unexplained investment in land purchase - society's purchase in its name or trustees' names - CIT(A) considered money not paid by society from income but sourced from...

This circular issued by the Insolvency and Bankruptcy Board of India (IBBI) introduces a Valuation Report Identification Number (VRIN) system for valuation reports...

Assessment u/s 153A - unexplained investment in Hotel Building - addition under sec 69 r.w.s. 115BBE - reliance on DVO report post-search - Held, DVO report...

This text provides instructions and regulations related to overseas investment transactions under India's Foreign Exchange Management Act (FEMA). Key points include:...

Addition u/s 69 - Unexplained investment or not - only when the investment is not recorded in the books of accounts or the explanation by the assessee regarding the...

AO rejected registered valuer's report for cost of acquisition and relied on section 55A. ITAT held that if AO was unsatisfied with registered valuer's report, he should...

u/s 56(2)(vii)(b), the addition was made based on the difference between the stated value and the District Valuation Officer's (DVO) valuation. It was held that an...

Unexplained investment u/s. 69 - Asstt. Comm. of Commercial Taxes estimated the valuation of WIP without mentioning the quantity or rate of the individual item - AO...

Unexplained investment u/s 69 - The aspect that this income was not declared in the original return of income cannot be a ground to automatically conclude that it is...

Sum advanced to sister concern by cheques drawn – Unexplained investment or not - it has been rightly treated as unexplained investment in terms of Section 69B of the...

Unexplained cash credit/debits – unexplained investment - the burden to establish the existence of investment was on the Revenue, which has not been discharged - AT

Quick Updates: