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TMI Blog2013 (10) TMI 165X X X X Extracts X X X X X X X X Extracts X X X X ..... of CIT v. Lucknow Public Educational Society [2011 (3) TMI 1326 - Allahabad High Court] and Sargam Cinema v. Commissioner of Income Tax [2009 (10) TMI 569 - Supreme Court of India] - Decided in favour of assessee. - ITA No.522 of 2009 (O&M) - - - Dated:- 16-9-2013 - Ajay Kumar Mittal And Jaspal Singh,JJ. For the Appellant : Mr. Ravish Sood, Advocate For the Respondent : Mr. Vivek Sethi, Advocate ORDER Ajay Kumar Mittal,J. 1. This appeal has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short, the Act ) against the order dated 28.11.2008, Annexure A.4, passed by the Income Tax Appellate Tribunal, Amritsar Bench, Amritsar (in short, the Tribunal ) in ITA No.405 (ASR)/2008, for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under Section 143(2) of the Act. The appellant had made investment towards the construction of the aforesaid Petrol pump which stood recorded by him in his books of account under the head 'Building account', 'Plant and Machinery account' and 'Furniture and Fixture account' duly supported by purchase bills/expenses vouchers etc. The Assessing Officer referred the valuation of the said investment to the Assistant Valuation Officer, Income Tax Department, Jalandhar. The Assistant Valuation Officer vide his report dated 21.11.2007 estimated the valuation of the Petrol pump building on the basis of which the Assessing Officer made an addition of an amount of Rs. 5,84,586/- and thereafter framed assessment under Section 143(3) of the Act at an am ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion made by learned counsel for the assessee. 6. It was not disputed by the learned counsel for the revenue that the books of account produced by the assessee were never rejected. The Apex Court in Sargam Cinema's case (supra) held that the assessing authority could not have referred the matter to the DVO when there was no rejection of books of account maintained by the assessee. It was observed as under:- In the present case, we find that the Tribunal decided the matter rightly in favour of the assessee inasmuch as the Tribunal came to the conclusion that the assessing authority could not have referred the matter to the Departmental Valuation Officer (DVO) without the books of account being rejected. In the present case, a categoric ..... X X X X Extracts X X X X X X X X Extracts X X X X
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