Whether the Tribunal was justified in deleting the unexplained investment on the fact that there was no difference in the cost of construction declared by the Assessee and that worked out by the DVO

CIT and Anr Vs R Hanumaiah Associates (Karnataka High Court) – No addition can be made on account of the unexplained investment on the basis of the DVO findings when the assessee satisfactorily explains that the difference was on account of the construction expenditure incurred, which was not considered by the DVO. CIT and Anr v R Hanumaiah Associates Decided By- Karnatka High Court  ITA Nos. 3225, 3224 of 2005 Decided on: 12 July 2011 This ITA.No. 3225 OF 2005 is filed under section 260-A of I.T.Act, 1961, arising out of order dated 30.06.2005 passed in ITA No. 1294/Bang/2003 for the...