2007 (5) TMI 225

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....o the assessment years 1995-96, 1996-97 and 1998-99 relating to the same assessee and have been filed against the common order dated August 19, 2005, made by the Income-tax Appellate Tribunal, Jodhpur Bench, Jodhpur, in the batch of appeals involving common issues. 2. While dealing with the assessment proceedings for the year 1997-98, the Assessing Officer ("the AO") noticed that a house constr....

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.... Tribunal found proceedings based only on the DVO's report to be invalid ab initio relying on its earlier view that only on the basis of the DVO's report particularly when the valuation was not referred to by the Assessing Officer during the relevant assessment years, it cannot be a valid basis for formation of "reason to believe". The Tribunal also noted that the DVO's report suffers from various....

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.... It has also found that the Departmental Valuation Officer has valued the construction raised by the assessee on the basis of the BSR rates of 1998. On this premise, the Tribunal has further found that since the entire construction was not made in 1998 proposing even a number of years from the financial year but was made in 1992-93 onwards the BSR rates of 1998 cannot form the basis of the estimat....

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....se being founded on no material, the Tribunal was right in holding that the initiation of reassessment proceedings were without jurisdiction." 5. In the present case too, the Tribunal has found that merely the DVO's report cannot be a ground for formation of reasons to believe for the purpose of reassessment and the Tribunal has also pointed out that the DVO's report suffers from various defect....