Posted on October 9, 2017February 27, 2018 by abhishekNo Penalty can be levied for unexplained expenditure assessed on the basis of DVO Report Sathe Biscuits 148 TTJ 10 (Pune) Amit Estate Organizer (ITAT Ahemdabad) ITA 1206/AHD/2008 Apsara Talkies (Madras High Court) 155 ITR 303 TPK Ramalingam (Madras) 211 ITR 520