Unexplained Investment Cannot Be Assumed Without Cost Determination: ITAT Ahmedabad

ACIT Vs Chandubhai Raojibhai Patel (ITAT Ahmedabad) ITAT Ahmedabad Rejects DVO-Based Addition on Market Value; Unexplained Investment Cannot Be Assumed Without Cost Determination The Ahmedabad Bench of the ITAT dismissed the Revenue’s appeal and upheld the CIT(A)’s deletion of additions made in the hands of the assessee for AY 2012-13. The case arose from reopening of assessment where the Assessing Officer had made (i) an addition of ₹27.05 lakh treating bank deposits as unexplained and (ii) a substantial addition of ₹4.19 crore under section 69 towards alleged unaccounted investment i...