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2013 (10) TMI 165 - HC - Income TaxAdditions u/s 69 - unexplained investments - Reference to valuation officer - Rejection of book of accounts - whether the Tribunal was right in taking a view that in the absence of rejecting the books of account which are audited, the Assessing Officer cannot resort to estimation - Held that:- Supreme Court in the case of Sargam Cinema v. CIT [2009 (10) TMI 569 - Supreme Court of India], wherein the Supreme Court has held that the assessing authority cannot refer the matter to the Departmental Valuation Officer without first rejecting the books of account - Following decision of CIT v. Lucknow Public Educational Society [2011 (3) TMI 1326 - Allahabad High Court] and Sargam Cinema v. Commissioner of Income Tax [2009 (10) TMI 569 - Supreme Court of India] - Decided in favour of assessee.
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