2022 (11) TMI 1290

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....t the order of the Commissioner of Income Tax(Appeals) [in short, [CIT(A)], Visakhapatnam- 3in DIN & Order No.ITBA/APL/S/250/2022-23/1042934411(1) dated 04.05.2022 for the Assessment Year (A.Y.)2017-18 and the cross objections are filed by the assessee in support of the order of the Ld.CIT(A). 2. Brief facts of the case are that the assessee company, incorporated with the object of constructing commercial complexes and to derive rental income from such commercial complexes, filed it's return of income for the A.Y.2017-18 on 30.03.2018, declaring NIL income. A search and seizure operation u/s 132 of the Income Tax Act, 1961 (in short 'Act') was conducted on 21.12.2015 in the group cases of Sri Alla Siva Reddy, Guntur. Based on the evidenc....

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....on-est, since the DVO submitted the report on 14.06.2018, which is beyond the prescribed time limit u/s 142A of the Act. The Ld.AO rejecting the submissions made by the assessee considered the report of the DVO and assessed the total income at Rs.1,32,66,324/-. 3. Aggrieved by the order of the Ld.AO, the assessee filed appeal before the CIT(A). The Ld.CIT(A) considering the provisions of section 142A of the Act allowed the appeal of the assessee. 4. Aggrieved by the order of the Ld.CIT(A), the revenue is in appeal before us. The Ld.DR submitted that the Ld.AO has rightly considered the valuation report and pleaded that the order of the Ld.AO be upheld. The Ld.DR could not counter the provisions of the Act, based on which the Ld.CIT(A)....

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.... and any other evidence in his possession gathered, after giving an opportunity of being heard to the assessee. (5) The Valuation Officer may estimate the value of the asset, property or investment to the best of his judgment, if the assessee does not co-operate or comply with his directions. (6) The Valuation Officer shall send a copy of the report of the estimate made under sub-section (4) or sub-section (5), as the case may be, to the Assessing Officer and the assessee, within a period of six months from the end of the month in which a reference is made under sub-section (1). (7) The Assessing Officer may, on receipt of the report from the Valuation Officer, and after giving the assessee an opportunity of being....