https://www.taxtmi.com/caselaws?id=752054 The Tribunal's decision was overturned and remanded for reconsideration due to improper reliance on the Departmental Valuation Officer's report without first rejecting the books of account, as required by law. The judgment underscored the necessity of adhering to legal procedures under Section 142A of the Income Tax Act before making such references, ensuring fair and lawful assessments. The Tribunal must reassess the case, considering the requirement to reject the books of account prior to referring the matter to the valuation officer, to reach a legally sound conclusion. en-us Tue, 23 Apr 2024 00:00:00 +0530 Wed, 01 May 2024 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752054 The Tribunal's decision was overturned and remanded for reconsideration due to improper reliance on the Departmental Valuation Officer's report without first rejecting the books of account, as required by law. The judgment underscored the necessity of adhering to legal procedures under Section 142A of the Income Tax Act before making such references, ensuring fair and lawful assessments. The Tribunal must reassess the case, considering the requirement to reject the books of account prior to referring the matter to the valuation officer, to reach a legally sound conclusion. Case-Laws Income Tax Tue, 23 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752054