2012 (6) TMI 676

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....for the assessment year 1992-93 :   "1. Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in law in holding that the reopening of assessment under section 147 of the Act based on the valuation report was not valid, whereas as per the valuation report income to the tune of Rs. 16,91,200 has escaped assessment ?   2. Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in holding that the report of the Departmental Valuation Officer is 'information or not' for initiating proceedings under section 147 even after the amendment in section 147 with effect from April 1, 1989 ?"   2. The assessee h....

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....reopening of the assessment under section 147 of the Act. The Tribunal, after examining the matter, accepted the plea of the assessee and, accordingly, allowed the appeal, vide order dated September 30, 2002. 4. The issue that arises in this appeal is whether the Assessing Officer could have reopened an assessment on the basis of the report of the DVO. Learned counsel for the Revenue, however, could not refer to any provision except section 55A of the Act on the basis of which, it could be pleaded that the report of the DVO was valid for estimating the correct cost of the construction and investment in the house in question. He also made efforts to draw support from the provisions of section 142A of the Act introduced by the Finance (No.....