Additions for unexplained investment based on mere DVO report not sustainable

Brief of the Case ITAT Ahmadabad held In the case of ACIT vs. Shri Kanakkumar J. Jariwala that mere valuation report is not sufficient to conclude that the assessee has made unexplained investment. From perusal of the assessment, nowhere it reveals that inspite of search, Revenue was in a position to lay its hands on any material exhibiting the unexplained investment made by the assessee, over and above one stated in the books of accounts. Facts of the Case A search operation u/s 132 was carried out at the premises of Colourtex Group of Surat on 26.7.2006. The assessee is a member of this grou...