https://www.taxtmi.com/caselaws?id=751279 HC held for the assessee and against the revenue, finding the AO erred by referring the matter to the DVO and relying on the DVO's valuation without first rejecting the books of account. The Tribunal correctly concluded the books were never rejected before the DVO reference, making the subsequent reliance on the DVO report and the best-judgement assessment misconceived. The court applied precedent requiring books be rejected before calling for a valuation report and set aside the AO's assessment. en-us Mon, 08 Apr 2024 00:00:00 +0530 Mon, 08 Sep 2025 16:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751279 HC held for the assessee and against the revenue, finding the AO erred by referring the matter to the DVO and relying on the DVO's valuation without first rejecting the books of account. The Tribunal correctly concluded the books were never rejected before the DVO reference, making the subsequent reliance on the DVO report and the best-judgement assessment misconceived. The court applied precedent requiring books be rejected before calling for a valuation report and set aside the AO's assessment. Case-Laws Income Tax Mon, 08 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751279