Quality & lavishness of construction is not incriminating material

CA Prarthana Jalan

Agra ITAT in the case of ACIT Vs. Shri Yogendra Kumar Singhal has held that Quality & lavishness of construction is not incriminating material.  Reference cannot be made to the Valuation Officer in the absence of incriminating material/document found during the course of search. Hon’ble  ITAT has held  as under :-

Having heard the rival contentions and having perused the material on record, we are of the considered view that on

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