https://www.taxtmi.com/caselaws?id=312326 The Tribunal held that the reference to the DVO without rejecting the books of accounts was invalid, rendering additions based on such a valuation report unsustainable. Consequently, the Tribunal set aside the CIT(A)'s order and deleted the additions related to unexplained cost of construction. Other grounds, including the validity of the notice issued u/s 148 and disallowance of interest on the loan, were dismissed as not pressed. The appeal regarding credit for sale proceeds of salvaged materials was not separately adjudicated as the main issue was resolved in favor of the assessee. The assessee's appeals were partly allowed. en-us Mon, 18 Jul 2011 00:00:00 +0530 Mon, 12 Feb 2024 10:29:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312326 The Tribunal held that the reference to the DVO without rejecting the books of accounts was invalid, rendering additions based on such a valuation report unsustainable. Consequently, the Tribunal set aside the CIT(A)'s order and deleted the additions related to unexplained cost of construction. Other grounds, including the validity of the notice issued u/s 148 and disallowance of interest on the loan, were dismissed as not pressed. The appeal regarding credit for sale proceeds of salvaged materials was not separately adjudicated as the main issue was resolved in favor of the assessee. The assessee's appeals were partly allowed. Case-Laws Income Tax Mon, 18 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312326