TaxTMI 
TaxTMI 
2011 (3) TMI 1848
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....ee-company and its sister concern as well as at the residential premises of its directors on February 4, 1992, under section 132 of the Income-tax Act, 1961 (hereinafter referred to as "the Act"). The assessments for the assessment years 1989-90 to 1992-93 had been made by a composite order dated March 28, 1995, by the Assessing Officer after reopening the assessment by issuing notice under section 148 of the Act. The composite reassessment order was issued under section 147/143(3) of the Act. 2. In the course of the proceedings, the Assessing Officer appointed the Valuation Officer for valuing assets and based on that, made certain additions in the income of the assessee. Aggrieved by that order, appeals were preferred by the assessee b....
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....ment in the construction of the shops. 5. Income Tax Appeal No. 32 of 2004 was admitted by order dated September 1, 2007, on the following substantial question of law: "Whether, the learned Income-tax Appellate Tribunal while allowing the appeal of the assessee by applying the decision of the hon'ble Supreme Court in the case of Smt. Amiya Bala Paul v. [2003] 262 ITR 407 (SC), has failed to appreciate that the Valuation Officer in the present case was appointed in terms of Order XXVI, rule 9 of the Code of Civil Procedure, 1908, and as held by the hon'ble Supreme Court in the above case (supra) the report of the Valuation Officer so appointed shall be an evidence and will form part of record for the purpose of assessment....
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....e 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: Provided that nothing contained in this section shall apply in respect of an assessment made on or before the 30th day of September, 2004, and where such assessment has become final and conclusive on or before that date, except in cases where a reassessment is required to be made in accordance with the provisions of section 153A. Explanation.--In this section, 'Valuation Officer' has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). 8. It is submitted on behalf of the Revenue, on the strength of the....
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....dings had crossed the stage of the Tribunal and as such, it cannot be said that it is the continuation of the said proceedings. 12. So far as the second contention is concerned, reliance has been placed on a Division Bench judgment of this court in the case of CIT v. Gulam Mohammad [2010] 320 ITR 168 (All), to contend that in respect of the proceedings of reassessment, if an appeal is filed, that would not be a continuation of the proceedings under section 142A of the Act. 13. As regards the first contention, it is not necessary to refer to the large number of judgments referred to, as that issue can be considered in an appropriate case as, prima facie, we have some doubt as to the view taken in the case of Shashi Agarwal [2007] 210 C....