https://www.taxtmi.com/caselaws?id=274167 The Tribunal ruled in favor of the assessee, dismissing the appeals brought by the department. It held that the rejection of books of accounts under Section 145(3) was unwarranted as the burden of proof lay with the revenue. The Tribunal also disagreed with the AO's application of the percentage completion method and rejected the reliance on the DVO report without substantial evidence. Emphasizing the significance of maintaining accurate books of accounts, the Tribunal highlighted the insufficiency of relying solely on valuation reports for making additions. The appeals were dismissed, affirming the importance of proper documentation and evidence in tax assessments. en-us Fri, 19 May 2017 00:00:00 +0530 Tue, 31 Jul 2018 21:30:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274167 The Tribunal ruled in favor of the assessee, dismissing the appeals brought by the department. It held that the rejection of books of accounts under Section 145(3) was unwarranted as the burden of proof lay with the revenue. The Tribunal also disagreed with the AO's application of the percentage completion method and rejected the reliance on the DVO report without substantial evidence. Emphasizing the significance of maintaining accurate books of accounts, the Tribunal highlighted the insufficiency of relying solely on valuation reports for making additions. The appeals were dismissed, affirming the importance of proper documentation and evidence in tax assessments. Case-Laws Income Tax Fri, 19 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274167