Valuation report of the valuer cannot be taken as yardstick for unaccounted investment

Last updated: 29 May 2021
Quick Summary
The Income Tax Appellate Tribunal ruled that a valuation report obtained by the Assessing Officer (AO) after the assessment proceedings were completed cannot be used as the sole basis for additions related to unaccounted investments. The tribunal considered whether the CIT (Appeals) had erred in restricting a significant addition based on such a report. The assessee also raised grounds regarding the validity of reopening the assessment and the reliance on a valuation report received post-assessment.

Court :
ITAT Delhi

Brief :
The I.T. Appeal is filed by the Department and the Cross Objection is filed by the assessee against the order dated 3/02/2015 passed by CIT (Appeals)-15, New Delhi, for assessment year 2008-09. These were heard together and are being disposed of, for the sake of convenience, by this consolidated order. 

Citation :
ITA 2724/DEL/201

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1 Year PLAN
1999
(Excl. of GST ₹359)

BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)

3 Months PLAN
999
(Excl. of GST ₹179)

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