Mere valuation report not sufficient to conclude unexplained investment by Assessee

ACIT Vs. Shri Jayantilal T. Jariwala (ITAT Ahmedabad)-   In thie Case Assessing Officer  found that assessee had constructed a residential house, B-3, Mamta Flats, Surat and plot No.158/21 GIDC, Pandesara, Surat. The AO was not satisfied with the cost of construction shown in the books of accounts. He formed an opinion that there was an under-invoicing of bills, and therefore, the ld. AO made reference to the valuation officer, who has determined the value of the property higher than declared cost and on the strength of valuation report AO ha

Please become a Premium member. If you are already a Premium member, login here to access the full content.