https://www.taxtmi.com/caselaws?id=338177 The Tribunal held that no addition could be made on account of investment under Section 69 of the Income Tax Act to the assessee's income. It was concluded that since the books of accounts were not rejected, the Assessing Officer could not refer the matter to the Department Valuation Officer for determining the property's value. The decision was based on legal precedents, including a decision of the Hon'ble Apex Court and consistent views of various High Courts, emphasizing that when books of accounts are not rejected, the AO cannot make a reference for valuation. The appeal was dismissed in favor of the assessee. en-us Fri, 06 Jan 2017 00:00:00 +0530 Fri, 27 Jan 2017 08:59:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338177 The Tribunal held that no addition could be made on account of investment under Section 69 of the Income Tax Act to the assessee's income. It was concluded that since the books of accounts were not rejected, the Assessing Officer could not refer the matter to the Department Valuation Officer for determining the property's value. The decision was based on legal precedents, including a decision of the Hon'ble Apex Court and consistent views of various High Courts, emphasizing that when books of accounts are not rejected, the AO cannot make a reference for valuation. The appeal was dismissed in favor of the assessee. Case-Laws Income Tax Fri, 06 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338177