In the result, appeals of the assessee are allowed
Bench: Shri Rajpal Yadav, Hon’Ble & Shri Manish Borad, Hon’Blei.T.A. No. 120/Gty/2011 Block Year: 01/04/1989 To 08/12/1999 Shri Subhash Chandra Dey Assistant Commissioner Of Office-Tilla Vs Income Tax, Circle-Silchar Dharmanagar -799250 Tripura [Pan: Acrpd1916F] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent)
163 CTR (Bom) 432 : (2001) 247 ITR 448 (Bom), wherein it was found that an assessee had constructed a bungalow and incurred an expense of Rs. 4,16,000. Thereafter search was carried out and the AO referred the valuation of the bungalow to the Departmental Valuer who determined the value of the property