In the result, the appeal is partly allowed
Bench: Shri Kul Bharatshri Nikhil Choudhary
purchase was a very old building and therefore, it had to be assumed that the same had been completely renovated but on consideration thereof a deduction of Rs.5,00,000/- was admissible on this account. Therefore, he restricted the investment in the shop to a sum of Rs.24,60,000/- and added back the difference in the disclosed and undisclosed