TaxTMI 
TaxTMI 
TaxTMI 
2014 (8) TMI 683
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....(for short, "the Tribunal") in I. T. A. No. 396 of 2006 for the assessment year 1999-2000 whereby the Tribunal allowed the appeal and set aside the orders passed by the first appellate authority dated March 23, 2006, and the Assessing Officer dated March 22, 2005. It appears that the respondent-assessee had filed a return under section 139 of the Income-tax Act, 1961 (for short "the Act"), on Jun....
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....nce value for stamp duty cannot be placed reliance by the Assessing Officer to reopen the assessments under section 147 read with section 148 of the Act ?" None appears for the respondents, though served and, hence, with the assistance of the learned counsel appearing for the Revenue, we have perused the order passed by the Tribunal and so also the orders passed by the authorities below. From the....
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....lled upon the assessee to pay tax on the difference of the acquisition value of the property and the price received by him on sale of the property in the year 1999-2000. The order of the Assessing Officer was confirmed by the first appellate authority. The Tribunal did not go into the merits of the case and allowed the appeal solely on the ground that the Assessing Officer was wrong in reopening t....
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....unal, therefore, ought to have considered the case on the merits also to find out whether the valuer's report was authentic and acceptable. In the circumstances, we are inclined to allow this appeal answering the substantial question of law formulated by this court, in their favour and against the assessee. Hence, the following order : (a) The appeal is allowed. (b) The appeal filed by the T....