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2014 (10) TMI 822 - ITAT LUCKNOWValuation - Rejection of books of accounts - reference to the Departmental Valuation Officer for the valuation of the building of cold storage and plant and machinery - held that:- Unfortunately, despite the judgment of the apex court rendered [2009 (10) TMI 569 - Supreme Court of India] the Assessing Officer has made a reference to the Departmental Valuation Officer even without examining the books of account ; what to say about its rejection. This callous attitude of the Assessing Officer cannot be appreciated. This is not only a single case where the Assessing Officer has made reference to the Departmental Valuation Officer without even examining the books of account ; we have come across a number of cases like this. We are, therefore, of the view that the Department should take necessary step to educate their own Assessing Officer so that while framing the assessment, they should be aware of the law laid down by the hon'ble apex court and High Courts through their judicial pronouncements. - where the reference was made by the Assessing Officer even without verifying the books of account, what to say about its rejection, the reference is totally illegal and the illegal report submitted consequent thereto cannot be a valid report and no addition on the basis of the same can be made on account of unexplained investment in the cold storage - Decided against Revenue.
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