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2014 (10) TMI 223 - ANDHRA PRADESH HIGH COURTValue of the building constructed by assessee-firm – Reference made to DVO - Held that:- The books of account maintained by an assessee have their own significance and importance in the context of the assessment under the Act - It is on account of the availability of books of account, that the assessee is relieved from the burden of maintaining the other evidence - An AO is conferred with the power to satisfy himself about the correctness of the books of account - it is only when the AO did not take the contents of the books of account, on their face value, that he could have resorted to an independent valuation - the Tribunal maintained the subtle distinction and held that even before ordering the valuation of any property by independent Valuer in respect of an assessee, who maintained books of account, the AO must express his lack of confidence in the books of account - That is not been done in the present case, the reference to the Valuation Officer cannot be sustained in law - though Section 142A of the Act was amended in the year 2004 with retrospective effect from 1972, it is difficult to sustain the exercise undertaken by the AO on the touch stone of that provision – Decided against revenue.
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