https://www.taxtmi.com/caselaws?id=408466 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decisions. It found the AO's assumption of jurisdiction under Section 147 invalid as the valuation report did not provide reliable evidence for reopening the assessment. Additionally, the reference to the DVO under Section 142A was deemed invalid as the AO had not rejected the books of accounts. The Tribunal also ruled that the additions to the cost of construction based on the DVO's estimations were unjustified, as the books of accounts showed a higher cost. en-us Tue, 08 Jun 2021 00:00:00 +0530 Thu, 10 Jun 2021 15:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408466 The Tribunal dismissed the Revenue's appeals, upholding the CIT(A)'s decisions. It found the AO's assumption of jurisdiction under Section 147 invalid as the valuation report did not provide reliable evidence for reopening the assessment. Additionally, the reference to the DVO under Section 142A was deemed invalid as the AO had not rejected the books of accounts. The Tribunal also ruled that the additions to the cost of construction based on the DVO's estimations were unjustified, as the books of accounts showed a higher cost. Case-Laws Income Tax Tue, 08 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408466