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2014 (11) TMI 949 - HC - Income TaxAddition made is deleted by Tribunal – Rejection of books of accounts by AO – Reference made to DVO for valuation - Held that:- The Tribunal rightly relied upon Sargam Cinema Versus. Commissioner of Income-tax [2009 (10) TMI 569 - Supreme Court of India] - AO could not have referred the matter to the DVO without rejecting the books of account – in Dr. Raghuvendra Singh Versus Commissioner of Income Tax, Central Circle, Ludhiana [2014 (1) TMI 491 - PUNJAB AND HARYANA HIGH COURT] - the AO has not applied his mind as to the correctness or completeness of the accounts of the assessee and no dissatisfaction has been recorded by the AO - Nothing has been brought on record as regards to the conditions laid down in section 145(3) of the Act - no reference could have been made by the AO and reference made by the AO is not legal and assessment so framed on valuation report is bad in law - the difference in cost of construction declared by the assessee or as valued by the Valuation officer will be correct amount of investments made by the assessee - no defect has been pointed out by any of the authorities below with regard to the investments made by the assessee and therefore, no addition is required to be made u/s 69 - the benefit of valuation of raw structure existing at the site had not been allowed by the DVO – as such no substantial question of law arises for consideration – Decided against revenue.
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