2010 (10) TMI 72 - HC - Income Tax

Valuation given by the DVO - opinion of the DVO, per se, is not an information and cannot be relied upon without the books of account being rejected

Summary

The High Court of Delhi dismissed an appeal filed under Section 260A of the Income Tax Act, 1961 challenging an order by the Income Tax Appellate Tribunal for the Assessment Year 1997-1998. The court held that the burden of proof to prove under-statement or concealment of income is on the revenue, and the opinion of the DVO cannot be relied upon without the rejection of books of account. The appeal was dismissed in light of this legal mandate.