2013 (1) TMI 629

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....   1. This appeal has been filed by the revenue against the order dated 29.06.2012 passed by the Income Tax Appellate Tribunal in ITA 4460/Del/2010 pertaining to the assessment year 2006-07. 2. The facts are that the respondent/ assessee had filed a return declaring an income of Rs. 39,90,410/- on 18.07.2006. Subsequently, a search was conducted under Section 132 of the Income Tax Act, ....

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....d one commercial property at Kolkata. The Assessing Officer referred the question of valuation of the said properties to the District Valuation Officer (DVO). The DVO submitted his report on 14.12.2009 in respect of the Ahmedabad properties and on 24.12.2009 in respect on the Kolkata property. As per the said report, the DVO has valued the said properties as under:- Sl. No. Address of the prop....

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.... assessee preferred an appeal before the Commissioner of Income Tax (Appeals), who deleted the additions. The Income Tax Appellate Tribunal confirmed the said deletion. The issue that is sought to be raised here is that the deletion was not in accordance with law. However, we find that the Income Tax Appellate Tribunal as well as the Commissioner of Income Tax (Appeals) had concluded, on facts, th....

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....al held in favour of the assessee and against the revenue and found that the reference to the DVO itself was not in accordance with law. 6. We have no reason to differ from the view taken by the Tribunal, particularly, as no material was found in the search and seizure operations, which would justify the Assessing Officer's action in referring the matter to the DVO for his opinion on valuation ....