2014 (4) TMI 1241

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....s justified in invoking the provisions of section 148. 2. That the Worthy CIT(A) has also erred in holding that on account of survey operation and close inspection of the building, the investment shown in the construction was no proper. That the finding of the CIT(A) in this regard is totally void abinitio since there was neither any inspection of the building nor any measurement of building nor any measurement of building and, therefore, reference to the DVO by the Assessing Officer was not called, for specially when nothing had been confronted about the alleged physical inspection / measurement during the survey.   3. That the CIT(A) has also erred in holding that the case could be reopened on the basis of report of....

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....issue which emerges of the above grounds is regarding reopening of the assessment u/s 147 of the Income Tax Act by the Assessing Officer on the basis of report of the Department Valuation Officer (DVO) 4. The brief facts of the case are that the assessee in its return of income disclosed investment of Rs. 21,88,315/- towards land and building. The return was processed u/s 143(1) of the Act. However, later on the Assessing Officer referred the case of the DVO who estimated the total amount of investment in land and building at Rs. 27,16,628/- vide his report dated 10.01.2007. The Assessing Officer thereafter reopened the case u/s 147 and made the addition of the difference of amount between that was disclosed by the assessee and the amoun....