https://www.taxtmi.com/caselaws?id=60022 The Tribunal upheld the CIT(A)'s decision to quash reassessment proceedings for the assessment years 1991-92, 1992-93, and 1993-94. It ruled that reopening assessments solely on the Departmental Valuation Officer's report was improper, citing legal precedents and emphasizing that assessments cannot be solely based on a valuation report if the books of account were accepted by the Assessing Officer. The Tribunal dismissed the Revenue's appeals, finding no fault in the decision to reject the reassessment based on the DVO's report alone. en-us Fri, 25 Apr 2003 00:00:00 +0530 Tue, 19 Jun 2012 15:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=60022 The Tribunal upheld the CIT(A)'s decision to quash reassessment proceedings for the assessment years 1991-92, 1992-93, and 1993-94. It ruled that reopening assessments solely on the Departmental Valuation Officer's report was improper, citing legal precedents and emphasizing that assessments cannot be solely based on a valuation report if the books of account were accepted by the Assessing Officer. The Tribunal dismissed the Revenue's appeals, finding no fault in the decision to reject the reassessment based on the DVO's report alone. Case-Laws Income Tax Fri, 25 Apr 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=60022