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Addition based on DVO report without rejecting books of account is bad in law
Case Law Details
- Case Name
- Puttur City Hospital Pvt. Ltd. Vs ITO (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-2012
- Courts
- All ITAT, ITAT Bangalore
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Puttur City Hospital Pvt. Ltd. Vs ITO (ITAT Bangalore)
Bangalore Bench of the Tribunal in the case of M/s. Shetty Constructions v. ACIT has held that rejection of books of account is a precondition for making reference to the DVO.
Facts-
The assessee is a private limited company and had set up a new hospital. A survey u/s 133A was conducted in the premises of the assessee. During the course of survey proceedings, a copy of the valuation report was found and impounded, wherein the investment in the said hospital building was at Rs.5,13,84,900. However, as per the balance sheet ...
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