2006 (7) TMI 200

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.... JUDGMENT 1. Heard learned Counsel for the appellant. 2. The following common questions are raised in admission of these appeals: "(a) Whether, on the facts and circumstances of the case and in law, the Appellate Tribunal was correct in quashing the assessment without going into the merits of the case and ignoring the valuation report of the Departmental Valuation Officer? (b) Whether....

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....of the fact that the assessee had not filed its return of income under section 139(1) and 139(4) of the Act?" 3. The short controversy involved in these appeals is whether the Assessing Officer can refer any matter for valuation of the property of an assessee though assessment and/or reassessment proceedings are not pending. The Tribunal is of the view that when the assessment proceedings are n....

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.... hon'ble Gauhati High Court in the case of Bhola Nath Majumdar [1996] 221 ITR 608 and the Income-tax Appellate Tribunal, Jodhpur Bench, in the case of Vijay Kumar [2001] 73 TTJ (JD) 17 have taken the view that the valuation report is only an opinion of the valuer and an opinion of a third party cannot be a reason to believe of the Income-tax Officer. The hon'ble Bombay High Court in the case of Ja....

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....urvive." 4. Mr. Bhatt has mainly emphasised on section 142A of the Act. He submits that the Assessing Officer at any time can make reference to the Valuation Officer for valuing the property for the purpose of assessment or reassessment, where the value of any investment referred to in section 69 or section 69B or sections 69A and 69B is required to be made. Whether any income can be taxed by d....