https://www.taxtmi.com/caselaws?id=755176 ITAT Ahmedabad allowed the assessee's appeal against addition made by AO based on DVO's estimated valuation of work-in-progress. The AO referred the matter to DVO alleging WIP suppression and unreliable civil engineer certificate, then passed order under sections 144 and 142A. ITAT held that AO must first express dissatisfaction and reject books of accounts with detailed reasons before referring for valuation, following Sargam Cinema precedent. The addition based on estimated cost without substantial evidence contradicting actual recorded costs was unjustifiable. Both AO and CIT(A) failed to consider valuer's clarification letter confirming certificate's correctness, making the DVO reference improper. en-us Fri, 28 Jun 2024 00:00:00 +0530 Mon, 08 Jul 2024 08:40:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755176 ITAT Ahmedabad allowed the assessee's appeal against addition made by AO based on DVO's estimated valuation of work-in-progress. The AO referred the matter to DVO alleging WIP suppression and unreliable civil engineer certificate, then passed order under sections 144 and 142A. ITAT held that AO must first express dissatisfaction and reject books of accounts with detailed reasons before referring for valuation, following Sargam Cinema precedent. The addition based on estimated cost without substantial evidence contradicting actual recorded costs was unjustifiable. Both AO and CIT(A) failed to consider valuer's clarification letter confirming certificate's correctness, making the DVO reference improper. Case-Laws Income Tax Fri, 28 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755176