TaxTMI 
TaxTMI 
2024 (4) TMI 460
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.... Heard Shri Manu Ghildyal, learned counsel for the revenue and Shri Nishant Mishra, learned counsel for the assessee. 2. Present appeals have been filed by the revenue against the common order dated 21.2.2019 passed in ITA No. 1992/Del/2008 for A.Y. 2004-05 and ITA No. 2370/Del/2008 for A.Y. 2004-05. By that order, the Tribunal has allowed the assessee's appeal (ITA No. 1992/Del/2008) and dis....
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....rcumstances of the case, the ITAT is correct in holding that reference made by the AO to the DVO was not as per law? 4. Whether under the facts & circumstances of the case, the ITAT is correct in deleting the addition made by AO of Rs 4,01,79,659/- on the basis of valuation report, holding that reference made by the AO to the DVO was not as per law?" 4. Having heard learned counsel for the part....
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.... submission of the DVO report dated 14.9.2006. In Sargam Cinema, Haldwani vs Commissioner of Income Tax, Haldwani, (2010) 328 ITR 513 (SC), it was observed as below: "2. In the present case, we find that the Tribunal decided the matter rightly in favour of the assessee inasmuch as the Tribunal came to the conclusion that the assessing authority (AO) could not have referred the matter to the Depa....
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....tunity of being heard, take into account such report in making such assessment or reassessment. Would the language of section 142A mean that before proceeding to call for a report of the Valuation Officer, the books of account must be rejected. 19. The judgment in Bhawani Shankar Vyas (2009) 311 ITR 8 (Uttarakhand) also came up for consideration before the Supreme Court in the case of Sargam Cin....