TaxTMI 
TaxTMI 
2023 (3) TMI 1162
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....lkata (Tribunal) in I.T(SS)A No. 42 to 47/Kol/2020 and Cross Appeal being IT(SS)A No. 07 to 12/Kol/2020 for the assessment years 2008-09 to 2013-14. The revenue has raised the following substantial question of law for consideration : "Whether on the facts and circumstances of the case and in law, the Income Tax Appellate Tribunal is erred in deleting the additions made by in the Assessment year 2008-09 to Assessment year 2013-14 on account of unexplained investment made u/s 69 on the basis of District Valuation Officer's valuation report ?" We have heard Mr. Smarajit Roychowdhury, learned standing counsel appearing for the appellant and Mr. J.P. Khaitan, learned senior counsel for the respondent. Though the order passed by the learned....
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....e Valuation Officer was made from Finance Act, 2004 by the introduction of section 142A by Finance Act, 2004. Before that, the power of the AO to refer to Valuation Officer was confined to ascertain the fair market value of capital asset in respect of computation of capital gains under section 55A of the Act [which was inserted by the Taxation Laws (Amendment) Act, 1972 w.e.f. 01.01.1973]. It is noted that section 142A was brought in specifically to enable the AO to refer valuation to the DVO of assets, property etc. Since before that in the case of Smt. Amiya Bala Paul Vs. CIT 262 ITR 407 (SC), the Hon'ble Supreme Court held that AO did not had power to refer to DVO for valuation in respect of assets, properties etc other than for the spec....
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....s from the assessment orders were turned down by the Commissioner of Income Tax (Appeals) Guahati. The Income Tax Appellate Tribunal, however, following an earlier decision, allowed the assessee's appeal and held that the Assessing Officer could not have referred the question of the cost of construction of the assessee's house to the Valuation Officer. In this background the following question was referred to the High Court under Section 256 (2) of the Act. "Whether on the facts and in the circumstances of the case, the Tribunal erred in law by holding that the Assessing Officer cannot refer the matter to the Valuation Cell(sic) for estimating the cost of construction of the house property". The Division Bench of the High C....
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.... Assessing Officer to ascertain the income of the assessee. The submission of the appellant was that if the power to refer the determination of the cost of construction to the Valuation Officer was otherwise available to the Assessing Officer under the other provisions of the Act, it was not necessary to specifically empower the Assessing Officer under Section 55A. Finally, it is submitted that the Valuation Officer is appointed under the Wealth Tax Act and that he could exercise the power only in the manner prescribed by that Act or by any other statutory provision like Section 55 A of the Act, and that he could not be called upon to discharge functions not statutorily prescribed, in his capacity as a Valuation Officer." 16. And thereaft....
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....e. There will be no order as to costs."[Emphasis given by us] 17. In the light of the decision of the the Hon'ble Supreme Court in Smt. Amiya Bala Paul Vs. CIT (supra) the Parliament gave power to AO by the introduction of section 142A by Finance Act, 2004 (supra). Later on the Parliament taking note that the Authorized Officer of the searched party u/s. 132 does not have the power to refer for valuation to the Valuation Officer inserted sub-section (9B) in section 132 of the Act by Finance Act, 2017 i.e. w.e.f. 01.04.2017. Sub-section (9B) of section 132 of the Act reads as under: "Search and Seizure S.132. (9).......... (9A)......... (9B) ........ (9C)...... (9D) The authorized officer may, during the course of t....