TMI Blog2013 (12) TMI 729X X X X Extracts X X X X X X X X Extracts X X X X ..... s not pointed out any material defect/ discrepancy in the books of account maintained by the assessee - The books of account were not rejected before referring the matter to the DVO - Decided against Revenue. - Income Tax Appeal No. - 466 of 2010, Income Tax Appeal No. - 227 of 2011, Income Tax Appeal No. - 228 of 2011 - - - Dated:- 13-12-2013 - Hon'ble Dr. Satish Chandra And Hon'ble B. Amit St ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unted for by the assessee. So, he referred the matter to the DVO, who vide his report dated 28.10.1997 has given the year wise investment in the property. On the basis of the report submitted by the DVO, the AO has made the addition, which was deleted by the first appellate authority. The Tribunal has upholds the same. Still not being satisfied, the Department has filed the present appeal. With ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly be dismissed. After hearing both the parties and on perusal of the record, it appears that the DVO has submitted the report where he has valued the property on the basis of the estimation and the estimation is a question of fact as per the ratio laid down in the following cases :- (i) CIT vs. Sanghi Bros; 301 ITR 129 (MP); (ii) CIT vs. Adam Khan; 223 ITR 264 (Mad); (iii) Hari Gopal Sing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot 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." By considering the totality of the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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