2007 (1) TMI 66

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....in the year 1985 and was completed by March 1994. It is the case of the petitioner, that all expenses and receipts were shown in the returns of income as the Accounts Books of relevant accounting years from 1984-85 onwards and from time to time assessment orders were passed. It is an admitted position that to ascertain the cost of construction during its progress as on 31.3.1992, the then Assessing Officer had issued a commission under section 131(1)(d) of the Income Tax Act, 1961. As per report of District Valuation Office (DVO) dated 9.2.1995 the valuation was Rs. 2,87,68,500/-. The matter was taken in appeal and the valuation report submitted by the District Valuation Officer was not accepted not only by the Commissioner of Income-Tax (A....

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....ention respondents have replied upon the Notice of Appeal-Annexure R-1 filed along with the reply. Thus, according to implication proceedings were pending to justify issuance of commission under section.131(1(d) of the Act. 4. After having heard rival submissions of learned counsel for the parties, this Court is of the view that this petition deserves to be allowed on the short ground that respondents have failed to show that any assessment proceeding was pending before the Assessing Officer on May 22.2201, when the Dy. Commissioner of Income Tax Circle-1,Indore issued Commission under section.131(1)(d)of the Act to the District Valuation Officer. The controversy is no longer res integra in view of the recent Division Bench decision of thi....