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2017 (11) TMI 201 - MADRAS HIGH COURTReference to DVO - cost of construction referred to the District Valuation Officer for estimation without first rejecting the books of accounts maintained by the respondent-assessee - Held that:- The question of whether cost of construction can be referred to the District Valuation Officer for estimation without first rejecting the books of accounts maintained by the respondent-assessee has been answered in favour of the assessee by the Supreme Court in Sargam Cinema vs. Commissioner of Income Tax (2009 (10) TMI 569 - Supreme Court of India ). In the present case, a categorical finding is recorded by the Tribunal that the books were never rejected. In the circumstances, reliance placed on the report of the DVO was misconceived. - Decided in favour of assessee.
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