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of <h1>Using DVO valuation to assess income without rejecting taxpayer's books first-judgment set aside, tribunal order restored.</h1> The dominant issue was whether the assessing authority could validly rely on a DVO's valuation without first rejecting the assessee's books of account. ... Rejection of books of account - Departmental Valuation Officer (DVO) - HELD THAT:- 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. This aspect has not been considered by the High Court. In the circumstances, reliance placed on the report of the DVO was misconceived. Thus, the impugned judgment of the High Court is set aside and the order passed by the Tribunal stands restored to the file. The Supreme Court of India allowed a civil appeal, setting aside the High Court's judgment and restoring the Tribunal's order in favor of the assessee. The Tribunal found that the assessing authority wrongly referred the matter to the Departmental Valuation Officer without rejecting the books of account, leading to a misconceived reliance on the DVO's report.
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