2014 (12) TMI 303

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....ermination; In Tax Appeal No : 152/2002 :     "Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal has substantially erred in law and on facts in coming to the conclusion that reopening of assessment of the assessee for the Assessment Year 1983-84 by the Assessing Officer under section 147(b) of the Income tax Act, is not valid, on the ground that the report of the Valuation Officer regarding the value of the cost of the construction in progress cannot be treated as an information ? In Tax Appeals No : 153/2002 to 155/2002 :       "Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal has substantially erred in....

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.... Tax Act and rendered in different context. Under the Income Tax Act, the income is to be determined as per the books of accounts unlike under the Wealth Tax Act where there is a provision for referring the matter of valuation to the departmental Valuation Officer. He, therefore, submitted that the Appellate Tribunal has seriously erred in dismissing the appeals. 5. Learned Counsel Mr. Thaker appearing for the assessee submitted that the issue involved in these appeals is covered by the decisions of the Apex Court in the cases of L.B. Kharawala v. Income Tax Officer, (1984) 147 ITR 67 (Guj) and Smt. Amiya Bala Paul v. Commissioner of Income Tax, (2003) 262 ITR 407 (SC). He, therefore, submitted that the present appeals deserves to be dis....