https://www.taxtmi.com/caselaws?id=380809 The Tribunal quashed the orders passed by the Principal CIT under Section 263, allowed the appeals of the assessee, and dismissed the appeals of the Revenue. It emphasized the requirement to reject the books of accounts before referring the matter to the District Valuation Officer (DVO). The Tribunal found that the Assessing Officer did not reject the books of accounts, rendering the reference to the DVO invalid. Additionally, it held that the AO's assessment order was not erroneous or prejudicial to the interests of the Revenue, as the books of accounts were found to be correct and the reliance on the DVO report was unjustified. en-us Tue, 30 Apr 2019 00:00:00 +0530 Tue, 28 May 2019 10:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=380809 The Tribunal quashed the orders passed by the Principal CIT under Section 263, allowed the appeals of the assessee, and dismissed the appeals of the Revenue. It emphasized the requirement to reject the books of accounts before referring the matter to the District Valuation Officer (DVO). The Tribunal found that the Assessing Officer did not reject the books of accounts, rendering the reference to the DVO invalid. Additionally, it held that the AO's assessment order was not erroneous or prejudicial to the interests of the Revenue, as the books of accounts were found to be correct and the reliance on the DVO report was unjustified. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=380809