https://www.taxtmi.com/caselaws?id=21333 The HC upheld the Tribunal's deletion of an income addition, ruling for the assessee against the Revenue. The court held that a Valuation Officer's report cannot override reliable books of account; the ITO must first find books defective, unsupported by vouchers, or unreliable before relying on valuation. Marginal differences between actual expenditure and valuation norms do not automatically render books suspect. Absent any finding that accounts were improperly maintained or expenditures not recorded, the Tribunal was justified in deleting the addition. en-us Wed, 11 Mar 1992 00:00:00 +0530 Fri, 24 Oct 2025 17:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21333 The HC upheld the Tribunal's deletion of an income addition, ruling for the assessee against the Revenue. The court held that a Valuation Officer's report cannot override reliable books of account; the ITO must first find books defective, unsupported by vouchers, or unreliable before relying on valuation. Marginal differences between actual expenditure and valuation norms do not automatically render books suspect. Absent any finding that accounts were improperly maintained or expenditures not recorded, the Tribunal was justified in deleting the addition. Case-Laws Income Tax Wed, 11 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21333