Addition u/s 69B merely on the basis of DVO report not sustainable

Brief of the Case Delhi High Court held In the case of R.S. Bedi vs. ACIT that no addition u/s 69B is maintainable on the sole basis of DVO report. In the given case, although AO found some document during the search, but the same was not the basis for addition as also noted by ITAT. The additions were made on the basis of DVO report which is not maintainable in law. Facts of the Case The three assessees are brothers. They purchased a farm house at Asola in Delhi and the purchase price recorded in the books of accounts was Rs.8,40,000. A search was carried out in the premises of Mr. R.S. Bedi ...