https://www.taxtmi.com/caselaws?id=413522 The court found that the assessing officer erred in relying on the valuation report from a Registered Valuer, deeming it invalid. The court stated that a valuation by a District Valuation Officer should have been sought instead. Consequently, the addition based on the flawed valuation report was deleted, leading to a favorable outcome for the appellant. The court ruled in favor of the appellant on substantial questions of law related to the valuation of closing stock, addition of unexplained investment, and rejection of declared loss. The appeal was allowed, and the Income Tax Appellate Tribunal's orders were overturned. en-us Thu, 19 Aug 2021 00:00:00 +0530 Wed, 13 Oct 2021 08:45:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413522 The court found that the assessing officer erred in relying on the valuation report from a Registered Valuer, deeming it invalid. The court stated that a valuation by a District Valuation Officer should have been sought instead. Consequently, the addition based on the flawed valuation report was deleted, leading to a favorable outcome for the appellant. The court ruled in favor of the appellant on substantial questions of law related to the valuation of closing stock, addition of unexplained investment, and rejection of declared loss. The appeal was allowed, and the Income Tax Appellate Tribunal's orders were overturned. Case-Laws Income Tax Thu, 19 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413522