1993 (9) TMI 103

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....question has been referred under section 256(1) of the Income-tax Act, 1961 (for Short, "the Act"), by the Income-tax Appellate Tribunal for opinion, to the High Court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Income-tax Officer was not justified in starting proceedings under section 147(b) of the Income-tax Act, 1961 ?" The....

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....ot satisfied with the explanation of the assessee, and consequently held that a sum of Rs. 54,400 had escaped assessment and it was added in the hands of the assessee. Against the order of the Income-tax Officer, an appeal was filed under section 246 of the Act before the Appellate Assistant Commissioner of Income-tax. The Appellate Assistant Commissioner found that Rs. 54,400 had been added in th....

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....ted against the assessee on that basis. The Income-tax Appellate Tribunal was of the view that it had not been proved by the Revenue that the assessee had invested Rs. 1,04,000 in the purchase of the plot. The Income-tax Appellate Tribunal further held that, whereas the case was of the year 1971-72, the report was obtained in 1974. On the ground that the valuer's report was not conclusive, e....

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....hich interfered on a question of fact. Apart from what has been said above, on merits also, we find that the question has to be answered against the Department on the ground that no proceedings under section 147(b) of the Act could be initiated on the basis of the valuer's report. It is only an information which, without being substantiated by convincing evidence or circumstances, could not be ....