ITAT deletes section 69B addition for painting found during search

Nirmal Kumar Minda Vs ACIT (ITAT Delhi) The ground No.2 relates to the addition of Rs.37.50 lacs u/s. 69B of the Act in respect of 6 paintings found at the residence of the assessee. The underlying facts in the impugned issue are that 6 paintings were found at the time of search which were got valued by the department from two different valuers. The assessee has also obtained valuation report independently valuation. The AO adopted the valuation made by the yellow flute whereas the CIT(A) directed the AO to adopt the valuation of Delhi Art Gallery against this decision of the CIT(A) both the a...