2019 (3) TMI 1037

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....x Appeal No. 382 of 2010 is being taken up as a leading case. The present appeal has been preferred under section 260 (A) of the Income Tax Act, 1961 against the judgement & order dated 28.06.2010 passed by the Income Tax Appellate Tribunal, Lucknow Bench "A", Lucknow (hereinafter referred to as, 'the Tribunal') in Income Tax Appeal No. 75(Luc.)/2010 for the Assessment Year 2007-08. The present appeal was admitted by this Court on 27.02.2013 on the following questions of law: "1. Whether on the facts and circumstances of the case the Hon'ble ITAT was justified in law in quashing the assessment holding that reference to the DVO was made when no assessment proceedings was pending ignoring that notice u/s 153C for th....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ealed against by an appellate before the Hon'ble Tribunal. A reference to valuation cell is neither an order of the Assessing Officer nor included in the orders passed by the Assessing Officer as mentioned in provisions of section 253(1)(b) of the Act? 6. The Hon'ble ITAT has thus, with due respect, exceeded its jurisdiction and assumed writ jurisdiction vested in the Hon'ble High Court under section 226 of the Income Tax Act. Hon'ble ITAT being a creature of the Income Tax Act is bound by the powers and limitation imposed by the Income Tax Act as prescribed in Part B of Chapter XX of the Income Tax Act dealing with appeals to the Tribunal." We have heard Shri Gaurav Mahajan, learned counsel for the Revenue and S....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ue of investment shown in the construction. After considering the report of the Departmental Valuation Officer and objection of the respondent - assessee, the Assessing Authority, by its order dated 31.12.2008, made addition of Rs. 2,50,98,612/- in the total taxable income of the respondent - assessee. Feeling aggrieved by the aforesaid order, the respondent - assessee preferred an appeal before the Commissioner of Income Tax (Appeals), Kanpur, who vide order dated 19.01.2010, dismissed the appeal and confirmed the assessment order. Still feeling aggrieved by the aforesaid order, the respondent - assessee preferred an appeal before the Tribunal, who by the impugned order dated 28.06.2010, has allowed the appeal of the respondent - ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....2010) 328 ITR (SC) and submitted that neither the assessment proceeding was pending, nor the account book of the assessee was rejected on 27.09.2007, when the matter was referred to the Departmental Valuation Officer. It has further been argued that on the basis of search and seizure conducted on 17.10.2006 on the Banarsi Group Cases, notices dated 27.09.2007 under section 153-C of the Income Tax Act for the assessment years 2001-02 to 2006-07 were issued. The validity of the proceedings under section 153-C of the Income Tax Act was challenged at the appellate stage for the assessment year 2005-06 and the same has been decided in favour of the respondent - assessee upto this Court in Income Tax Appeal No. 60 of 2014 (CIT Vs. M/s Gopi Apartm....