Simply because the valuation report was on a higher amount, the books could not be said to be unreliable

Simply because the valuation report was on a higher amount, the books could not be said to be unreliable, unless, by a deeper probe, any defect is found in the maintenance of the books of account. 

1. Decision of Supreme Court in the case of Sargam Cinema v. CIT 328 ITR 513.

2. CIT v. Smt. Salochana Bhatia 20 Taxman.com 298 (P&H)

3. CIT v. Om Overseas (2009) 315 ITR 185 (P&H)

4. DCIT v. Harpreet Singh Prop. M/s. Akash Enterprises, Ferozepur.ITA No.317(Asr)/2013 dated 28.02.2014 (Asr).

5. Kashmir Steel Rolling Mills. v. ACIT 155 Taxman 121 (Asr)

6. CIT v. Rajni Kant Davi (2006) 150 Taxman 387 (All.)

7. CIT v. Poonam Rani (2010) 5 Taxman .com 76 (Del)