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2014 (2) TMI 176 - HC - Income TaxValuation of building - Reference made to DVO - Whether the Revenue was justified in referring the matter to the DVO for assessing the value of land and the cost of construction of building of Chohan Resorts – Held that:- Revenue was unable to justify that when the books of account in respect of cost of construction have been maintained by the assessee and the same were not rejected, how the matter could be referred to the DVO for assessing the value - Wherever the books of account are maintained with respect to the cost of construction, the matter can be referred to the DVO after the books of account are rejected by the Revenue on some legal or justified basis - In the absence of the same, the reference to the DVO cannot be upheld – there was no substance in the appeal – Decided against Revenue.
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