2011 (2) TMI 513

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....earing learned counsel for the parties.   2. This appeal has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 ("the Act") against order dated 22.7.2004 passed by the Income Tax Appellate Tribunal, Delhi Bench 'G', Delhi in ITA No.4221/Del/2000, for the assessment year 1997-98, claiming following substantial questions of law:-   "i). Whether on facts and circumstances of the case, the Hon'ble ITAT has erred in law in sustaining the order of the CIT(A) in deleting the addition of Rs.14,72,964/- made by the Assessing Officer on account of purchase and sale of shares shown by assessee?   ii) Whether on facts and circumstances of the case, the Hon'ble ITAT has erred in law in upholding the dele....

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.... sale of shares and bank statements showing credit of sale proceeds by cheques. As regards valuation of the house, it was held that the assessing officer failed to make allowance for self supervision and thus the additions made by the assessing officer were deleted. On further appeal, the Tribunal upheld the view of CIT(A). On the issue of valuation the Tribunal relied upon judgment of Hon'ble Supreme Court in Smt. Amiya Bala Paul (262 ITR 407) holding that the assessing officer could not obtain a report from the DVO in absence of a statutory provision entitling the assessing officer to do so. The said matter was not examined on merits.   4. We have heard learned counsel for the parties. 5. Learned counsel for the revenue submits....