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2022 (3) TMI 1530 - AT - Income TaxAddition on the basis of Departmental Valuation Officer’s [DVO] - difference between the value shown by the assessee in the books of account and value estimated by the DVO of the property Spanish Garden - HELD THAT:- Once the assessee is maintaining regular books of account and in the course of its business the assessee has recorded the transactions in its books of account, then, without finding/pointing out any defect in the books of account and without holding that the books of account are rejected, then the AO cannot proceed to make addition on the basis of DVO’s report. In the case of Sargam Cinema [2009 (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.
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