Quality & lavishness of construction is not incriminating material

CA Prarthana Jalan Agra ITAT in the case of ACIT Vs. Shri Yogendra Kumar Singhal has held that Quality & lavishness of construction is not incriminating material.  Reference cannot be made to the Valuation Officer in the absence of incriminating material/document found during the course of search. Hon’ble  ITAT has held  as under :- Having heard the rival contentions and having perused the material on record, we are of the considered view that on facts of the case it cannot be said that any incriminating material or evidence was found during the search & seizure operation. As...