COMMISSIONER OF INCOME TAX Vs. SHIVLAL

JUDGEMENT

(1.) The above Tax Case (Appeals) are filed by the Revenue as against the common order of the Income Tax Appellate Tribunal in eight appeals - four by the assessee and four by the Revenue, for the assessment year 2004-05.

(2.) The brief facts are as follows:

(3.) The Assessing Officer made a reference to the Departmental Valuation Officer (DVO) under Section 142A of the Income Tax Act. The Departmental Valuation Officer fixed the cost of construction at Rs.1,74,20,000/-. Since the property was owned by four assessees, the cost of construction was worked out at Rs.43,55,000/- per assessee. However, as per the assessees, the cost of construction in respect of each of the assessee would amount to Rs.17,70,041, totalling to Rs.72,21,625/-. The difference amount was considered as unexplained investment by the individual assessees under Section 69B of the Income Tax Act. The assessment in respect of Shri.Shivlal was completed under Section 143(3) of the Income Tax Act and in respect of other assessees, proceedings under Section 147 of the Income Tax Act was initiated and additions towards alleged unexplained investment were done in the reassessment.