- (1.) The present appeal has been filed under Section 260A of Income Tax Act, 1961 (for brevity "Act, 1961") challenging the order dated 31st March, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in IT(SSA) No. 262/Del/2004, for the block period 1st April, 1989 to 17th December, 1999.
(2.) The relevant facts of the present case are that a search was conducted at the respondent-assessee's residence by the Income Tax Department. While unexplained cash of ' 68,943/- and FDR of ' 54,943/- was found during the search, no evidence was found suggesting a higher valuation for the property bearing No. A-156, New Friends Colony, New Delhi. However, the Assessing Officer solely on the basis of report of the District Valuation Officer made an addition of ' 99,33,000/- under Section 69B of the Act, 1961 on account of undisclosed investment.
(3.) The Commissioner of Income Tax (Appeals) deleted the addition by relying upon the decision of the Supreme Court in K.P. Varghese Vs. ITO, 1981 131 ITR 597.;