TMI Blog2022 (3) TMI 1530X X X X Extracts X X X X X X X X Extracts X X X X ..... 10) TMI 569 - SC ORDER] has held that the assessing authority could not refer the matter to the DVO in a case where there was no categorical finding recorded by the Tribunal, then the books of account were never rejected. Appeal of assessee allowed. - ITA No. 4115/DEL/2018, ITA No. 4116/DEL/2018 - - - Dated:- 15-3-2022 - SHRI AAKASH DEEP JAIN, VICE PRESIDENT AND SHRI N.K. BILLAIYA, ACCOUNTANT MEMBER For the Assessee : Shri Gautam Jain, Adv., Shri Lalit Mohan, CA For the Department : Shri Ishtiyaque Ahmed, CIT- DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER:- These two separate appeals by the assessee are preferred against two separate orders of the CIT[A] 35, New dated 27.03.2018 and 05.04.2018 pertaining to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecision of the Hon'ble Supreme Court in the case of Sargam Cinema 328 ITR 513. 7. Per contra, the ld. DR strongly supported the findings of the Assessing Officer/ld. CIT(A). 8. We have carefully considered the orders of the authorities below. Basis of the addition can be understood from the following chart: Financial Year Declared cost of construction/ investment in rupees Financial year wise Estimated cost of construction/ investment in rupees Difference 2005-06 33,67,020 35,33,459 1,66,439 2006-07 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f account were never rejected. The relevant findings read as under: 4. In the present case, we find that the Tribunal decided the matter rightly in favour of the Assessee inasmuch as the Tribunal came to the conclusion that the assessing authority could not have referred the matter to the Departmental Valuation Officer (DVO) without the books of account being rejected. In the present case, a categorical finding is recorded by the Tribunal that the books were never rejected. This aspect has not been considered by the High Court. In the circumstances, reliance placed on the report of the DVO was misconceived. 5. For the above reasons, the impugned judgment of the High Court is set aside and the order passed by the Tribunal stands resto ..... X X X X Extracts X X X X X X X X Extracts X X X X
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