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TMI Blog2024 (4) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee, as disclosed by the DVO. HELD THAT:- Undeniably, books of accounts of the assessee were not rejected on or before 5.4.2006. That consequence in law arose later after submission of the DVO report dated 14.9.2006. As decided in Sargam Cinema, Haldwani [ 2009 (10) TMI 569 - SC ORDER] Tribunal decided the matter rightly in favour of the assessee inasmuch as the Tribunal came to the conclusion that the assessing authority (AO) could not have referred the matter to the Departmental Valuation Officer (DVO) without books of accounts being rejected. In the present case, a categorical finding is recorded by the Tribunal that the books were never rejected. This aspect has not been considered by the High Court. In the circumstances, relianc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the AO in the assessment order to come to the conclusion that complete books of account were produced before the AO? 3. Whether under the facts circumstances of the case, the ITAT is correct in holding that reference made by the AO to the DVO was not as per law? 4. Whether under the facts circumstances of the case, the ITAT is correct in deleting the addition made by AO of Rs 4,01,79,659/- on the basis of valuation report, holding that reference made by the AO to the DVO was not as per law? 4. Having heard learned counsel for the parties and having perused the record, we find no merit in the present appeals. 5. Undisputedly, the assessee had filed its return in income for A.Y. 2004-05 supported by its audited books of accounts. Without ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 142A(1), can refer a matter to the Valuation Officer, for the purpose of making an estimate of such value. Under sub-section (3) of section 142A, it is provided that on receipt of the report of the Valuation Officer, the Assessing Officer may, after giving the assessee an opportunity of being heard, take into account such report in making such assessment or reassessment. Would the language of section 142A mean that before proceeding to call for a report of the Valuation Officer, the books of account must be rejected. 19. The judgment in Bhawani Shankar Vyas (2009) 311 ITR 8 (Uttarakhand) also came up for consideration before the Supreme Court in the case of Sargam Cinema v. CIT (2010) 328 ITR 513 (SC), wherein the Supreme Court has h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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