2013 (9) TMI 684

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ER We have heard Shri Shambhu Chopra, learned counsel for the income tax department. This appeal under Section 260A of the Income Tax Act, 1961 is directed against the judgment and order dated 08.03.2013 passed by the Income Tax Appellate Tribunal in ITA No.383 / Agra/2012 for the assessment year 2007-08. The department has preferred following questions of law for consideration of the Cou....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed in his order for considering huge difference in valuation report and books of account, the books were not reliable. The CIT (A) confirmed the view of the A.O. The details mentioned are the books of account maintained regularly on day to day basis. Merely on non-furnishing of bifurcation of details it could not be said that books are not reliable for rejecting the books of account. The A.O. has ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t in the case of Sargam Cinema v. CIT, 328 ITR 513 (SC) and CIT v. Lucknow Public Educational Society, 339 ITR 588 (All.), in the case under consideration, we find that reference under section 142A of the Act by the A.O. is not in accordance with law as he referred the matter under section 142A without rejecting books of account. The order of A.O. on the issue is liable to be quashed and according....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ks of account were not reliable. The A.O. did not find any defect in the books of account and without rejecting the books of account he referred the matter and got the valuation from the DVO. The A.O. put the cart before the horse. As explained in Sargam Cinema (Supra) the A.O. could not have referred the matter to Departmental Valuation Officer without rejecting books of account. He had to fir....