2013 (11) TMI 531

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....n'ble Surya Prakash Kesarwani,JJ. For the Appellant : Shambhu Chopra ORDER We have heard Shri Shambhu Chopra, learned counsel for the income tax department. The defect of filing certified copy of the order in Income Tax Appeal Nos.(115) of 2013 and (116) of 2013 is dispensed with as the certified copy of the order has been filed in Income Tax Appeal No.297 of 2013. In this appeal un....

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....transgression of the provisions of the I.T. Act has chosen not to keep and maintain books of account." In the present case the books of accounts were not rejected. Notices were issued on which assessment order reopened under Section 147 of the Income Tax Act on the report of the Departmental Valuation Officer. Notice under Section 148 dated 18/27.1.2010 was issued on the basis of the report ....

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....tion Co. 328 ITR 515 (197 Taxman 202) in which the Supreme Court held that the opinion of the DVO per se is not an information for the purpose of reopening of assessment u/s 147 of the Act. The AO has to apply his mind to the information, if any, collected and must form a belief thereon. The Allahabad High Court in CIT v. Vrindavan Real Estate, 78 DTR 100 did not find favour with reopening of the ....

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....o deviate from the value determined by the valuation officer and therefore difference was unexplained/ undisclosed investment in the construction of cold storage invoking the provisions of Section 69 of the Act, it was observed by the AO that since the assessee has furnished inaccurate particulars of investment in construction or rather inaccurate particulars of income, penal provisions under Sect....