https://www.taxtmi.com/caselaws?id=242272 The High Court dismissed the revenue's appeal challenging the valuation of construction costs under the Income Tax Act, 1961. It emphasized the necessity of rejecting the valuation in the books of account before referring the matter to the Departmental Valuation Officer (DVO). The Court found that without the rejection of the books of account, the reference to the DVO was invalid, leading to the deletion of the addition of Rs. 2,35,933. The Court upheld the Tribunal's decision in favor of the assessee, citing legal precedents and emphasizing the importance of proper valuation procedures. en-us Thu, 24 Oct 2013 00:00:00 +0530 Sat, 11 Jan 2014 06:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242272 The High Court dismissed the revenue's appeal challenging the valuation of construction costs under the Income Tax Act, 1961. It emphasized the necessity of rejecting the valuation in the books of account before referring the matter to the Departmental Valuation Officer (DVO). The Court found that without the rejection of the books of account, the reference to the DVO was invalid, leading to the deletion of the addition of Rs. 2,35,933. The Court upheld the Tribunal's decision in favor of the assessee, citing legal precedents and emphasizing the importance of proper valuation procedures. Case-Laws Income Tax Thu, 24 Oct 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242272