https://www.taxtmi.com/caselaws?id=313416 ITAT Delhi held that AO cannot refer matter to DVO under section 142A without first rejecting books of account, following Allahabad HC precedents. The reference to DVO was invalid as books were not rejected, making the valuation report inadmissible for addition under section 69. Regarding section 68 addition for share application money, tribunal restored matter to AO with direction to provide final opportunity to assessee to prove identity, creditworthiness of share applicants and genuineness of transaction. Appeal decided in favor of assessee on valuation issue and allowed for statistical purposes on share money issue. en-us Thu, 21 Feb 2019 00:00:00 +0530 Fri, 12 Apr 2024 17:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313416 ITAT Delhi held that AO cannot refer matter to DVO under section 142A without first rejecting books of account, following Allahabad HC precedents. The reference to DVO was invalid as books were not rejected, making the valuation report inadmissible for addition under section 69. Regarding section 68 addition for share application money, tribunal restored matter to AO with direction to provide final opportunity to assessee to prove identity, creditworthiness of share applicants and genuineness of transaction. Appeal decided in favor of assessee on valuation issue and allowed for statistical purposes on share money issue. Case-Laws Income Tax Thu, 21 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313416