2024 (4) TMI 460

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....al For the Respondent : Nishant Mishra ORDER 1. 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....

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.... of account were produced before the AO? 3. Whether under the facts & circumstances 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....

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.... the assessee were not rejected on or before 5.4.2006. That consequence in law arose later after 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 ....

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....on receipt of the report of the Valuation Officer, the Assessing Officer may, after giving the assessee an opportunity 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 Shanka....