https://www.taxtmi.com/caselaws?id=202065 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. The SC held that a reference to the DVO is impermissible unless the books are rejected in accordance with law; absent such rejection, the valuation report cannot form the basis of assessment. Since the HC failed to consider this legal precondition, its reliance on the DVO report was misconceived. Consequently, the HC's judgment was set aside and the Tribunal's order in favour of the assessee was restored. en-us Mon, 19 Oct 2009 00:00:00 +0530 Sat, 10 Jan 2026 12:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=202065 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. The SC held that a reference to the DVO is impermissible unless the books are rejected in accordance with law; absent such rejection, the valuation report cannot form the basis of assessment. Since the HC failed to consider this legal precondition, its reliance on the DVO report was misconceived. Consequently, the HC's judgment was set aside and the Tribunal's order in favour of the assessee was restored. Case-Laws Income Tax Mon, 19 Oct 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=202065