2008 (4) TMI 514

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....ion 260A of the Income-tax Act, 1961 challenging the order of the Tribunal upholding the Commissioner of Income-tax (Appeals) order cancelling reassessment made against the respondent-assessee for the assessment year 1986-87. The assessee who had not filed return was called upon to file return on account of investment in the construction of a build-ing. The assessee filed a return and along with i....

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....ppellate authority can-celling the addition pertaining to unexplained cash credits. The Assessing Officer after receipt of the valuation report from the Department's valuer who valued the investment at about Rs. 26 lakhs, reopened the assessment made an assessment of around Rs. 9 lakhs. On appeal filed against the revised order, the appellate authority found that reference for valuation was made b....

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....ssing Officer for reconsideration. We do not think we should enter any finding on this matter because we are of the view that introduction of sec-tion 142A with retrospective effect may validate the reference by the Assessing Officer for valuation, no matter whether the assessment was pending after remand by the Commissioner of Income-tax (Appeals) or not. The Tribunal had no occasion to consider ....