2004 (9) TMI 70

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....te Tribunal, Delhi has referred the following questions of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this court: "1. Whether the Tribunal was correct in holding that the report of the Valuation Officer was not part of the record for the purposes of action under section 263 of the Income-tax Act, 1961? 2. Whether on the facts an....

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....al from the firm M/s. Umrao Singh Makhan Lal, Najibabad. The Income-tax Officer valued the property on the basis of the report submitted by the Income-tax Inspector at Rs. 1,87,660 and the difference of Rs. 20,800 was added towards the income of the assessee in the assessment year 1980-81. In respect of the Wealth-tax proceeding, the Wealth-tax Officer referred the matter to the Valuation Officer ....

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....nt order was passed by the Income-tax Officer and not the record as it stood at the time of examination by the Commissioner. Since the report of the Valuation Officer was not in existence at the time when the Income-tax Officer had passed the assessment order in question, it could not and did not form part of the record on which the order of the Income-tax Officer was based, hence the order passed....

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....1989, with effect from June 1, 1988. The apex court in the case of CIT v. Shree Manjunathesware Packing Products and Camphor Works [1998] 231 ITR 53 has: held that in view of the clear words used in clause (b) of the Explanation to section 263(1) while calling for and examining the record of any proceeding under section 263(1), it is and it was open to the Commissioner not only to consider the ....