Dismissing the appeal of the revenue the Court held that, there was no reason to refer matter to DVO especially when assessee was not having any income and has not started business during subjected assessment year .Explanation tendered under Rule 46A was found to be satisfactory and report of DVO was not considered as valid.
CIT v. Megha Jewells Pvt. Ltd. (2018) 169 DTR 58 (Raj.)(HC)
S. 250 : Appeal-Commissioner (Appeals)–Addition based on valuation report-There was no reason to refer matter to DVO especially when assessee was not having any income and has not started business during subjected assessment year-Explanation tendered under Rule 46A was found to be satisfactory—Report of DVO was not considered as valid. [S.142A, R.46A]