2010 (8) TMI 65

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....Ashwani Taneja and Poonam Ahuja, Advs. Mr. Ashwani Taneja with Ms. Poonam Ahuja, Advocates MANMOHAN, J:   1. The present appeal has been filed under Section 260A of Income Tax Act, 1961 (for brevity "Act, 1961") challenging the order dated 31st March, 2009 passed by the Income Tax Appellate Tribunal (in short "Tribunal") in IT(SSA) No. 262/Del/2004, for the block period 1st April, 1989 ....

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....resaid deletion by observing as under:-   "6. The deletion of addition of Rs. 99,33,000/- made on account of valuation difference also cannot be made in the absence of any evidence found in the course of search because undisclosed income in the block assessment is to be computed on the basis of material found in the search proceedings and the valuation report was admittedly not durin....

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....y upon the valuation given by the DVO. (See K.P. Varghese (supra), CIT Vs. Shakuntala Devi, (2009) 316 ITR 46, CIT Vs. Manoj Jain, 287 ITR 285 and ITA No. 482/2010 decided by this Court on 5th May, 2010).   7. In any event, the opinion of the DVO, per se, is not an information and cannot be relied upon without the books of account being rejected-which has not been done in the present case.....

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.... High Court is set aside and the order passed by the Tribunal stands restored to the file. Accordingly, assesee succeeds.   Civil Appeal is allowed. No order as to costs."   8. Further the Supreme Court in its order dated 16th February, 2010 in Civil Appeal No. 9468/2003 has held as under:-   "Having examined the record, we find that in this case, the Department....