https://www.taxtmi.com/caselaws?id=78892 The appeal challenging the Tribunal's order for the Assessment Year 2004-2005 under Section 260A of the Income Tax Act, 1961 was dismissed by the Supreme Court. The Court upheld the Tribunal's decision, emphasizing that the Revenue must prove under-statement of income before relying on the Departmental Valuation Officer's valuation without incriminating evidence of additional payment. The Court reiterated that the DVO's opinion alone cannot be considered as information for reopening assessments under Section 147 of the Act, requiring independent assessment by the Assessing Officer. The appeal lacked merit and was dismissed in line with established legal principles and precedents. en-us Thu, 09 Sep 2010 00:00:00 +0530 Thu, 23 Dec 2010 22:48:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=78892 The appeal challenging the Tribunal's order for the Assessment Year 2004-2005 under Section 260A of the Income Tax Act, 1961 was dismissed by the Supreme Court. The Court upheld the Tribunal's decision, emphasizing that the Revenue must prove under-statement of income before relying on the Departmental Valuation Officer's valuation without incriminating evidence of additional payment. The Court reiterated that the DVO's opinion alone cannot be considered as information for reopening assessments under Section 147 of the Act, requiring independent assessment by the Assessing Officer. The appeal lacked merit and was dismissed in line with established legal principles and precedents. Case-Laws Income Tax Thu, 09 Sep 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=78892