2014 (12) TMI 303

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.... JUDGEMENT Per: K S Jhaveri: 1. All these appeals arise out of the common judgment and order passed by the Income Tax Appellate Tribunal and hence, they are decided by this common judgment. 2. While admitting the appeals on 16.04.2002, the following substantial questions of law were raised for our determination; In Tax Appeal No : 152/2002 :     "Whether on the facts and in th....

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....asis of the report of the Valuation Officer and on the basis of the materials seized during the search and seizure proceedings, cannot be sustained under Section 69B of the Income Tax Act?" 3. The facts in brief are that the assessee is a partnership firm engaged in the business of building construction work. During the Assessment Year in question, the assessee was into a building construction pr....

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....ing for the Revenue submitted that the decisions, relying upon which the Appellate Tribunal has passed the impugned order, were under the Wealth 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....

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....fficer. However, under the Income Tax Act, the income has to be determined as per the books of accounts maintained by the assessee and there is no provision to refer the matter to the Departmental Valuation Officer. We find that the assessee had placed all the materials before the A.O at the time of original assessment, which the A.O had examined. 8. In our opinion, the report of the Departmental....