https://www.taxtmi.com/caselaws?id=186370 The Tribunal upheld the CIT(A)'s decision to reduce the estimated construction cost, dismissing the Revenue's appeals and the assessee's cross objections. The Assessing Officer's blind adoption of the DVO's valuation without rejecting the impounded books of accounts was deemed impermissible. The Tribunal emphasized the use of local PWD rates over CPWD rates for valuation in the specific location of Karur. The decision was in line with the principle that no addition can be made if books of accounts are not rejected, as established in the Sargam Cinema case. en-us Tue, 21 Jun 2011 00:00:00 +0530 Thu, 15 Sep 2016 16:34:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186370 The Tribunal upheld the CIT(A)'s decision to reduce the estimated construction cost, dismissing the Revenue's appeals and the assessee's cross objections. The Assessing Officer's blind adoption of the DVO's valuation without rejecting the impounded books of accounts was deemed impermissible. The Tribunal emphasized the use of local PWD rates over CPWD rates for valuation in the specific location of Karur. The decision was in line with the principle that no addition can be made if books of accounts are not rejected, as established in the Sargam Cinema case. Case-Laws Income Tax Tue, 21 Jun 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186370