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Section 69 of the Income-tax Act, 1961 - Unexplained investments In absence of any concrete material evidence in possession of Assessing officer, which could have reflected value of property-in-question value adopted by Assessing Officer based on D.V.O's report was bad, in law, and could not be accepted [A.Y 1996-97] The Tribunal deleted the addition towards an unexplained investment in the construction of a commercial complex. It held that the Assessing Officer had failed to exercise the powers conferred on him under section 133(6) and/or under section 142(2). Further, the Assessing officer had not pointed out to any other material which would support his action in adopting the value given in Departmental Valuation Officer's report, which would have been based on some bills, vouchers, bank statements, etc.: Held that the Tribunal, holding that the said order dated 31-12-2003, had become final, refused to apply the amendment to section 142A, as nothing was contained in section 142A in respect of amendment made on or before 30-9-2004 and whether such amendment had become final and had been concluded on or before that date. That apart, the tax effect involved was negligible and, as such, the order of the Tribunal did not merit any interference by the Court.. JUDGMENT P.D. Dinakaran, J. - The above tax case appeal is directed against the order of the Income-tax Appellate Tribunal in I T.A. No. 989/Mds/2006 dated November 24, 2006, raising the following substantial questions of law: "(a) Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in holding that the reassessment made under section 147 is bad and deleting the addition of Rs. 1,46,790 towards unexplained investment in the construction of a commercial complex at Simco Meters Road, Trichy is proper ? (b)Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is right in law in holding that section 142A is not applicable to the facts of the present case for the assessment year 1996-97 especially when section 142A was inserted by the Finance Act, 2004, with retrospective effect from November 15, 1972 ?" The Revenue is the…

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