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Section 147 of the Income-tax Act, 1961 - Income escaping assessment - General - Assessment year 1992-93 - Assessing Officer could not reopen an assessment on basis of report of DVO [In favour of assessee] The Assessing Officer reopened the assessee's assessment for relevant assessment year on the ground that cost of construction of residential house as shown by the assessee was much lower than the cost of construction estimated by the DVO and framed assessment accordingly. The Commissioner (Appeals) upheld the action of the Assessing Officer. However, the Tribunal held that reopening of assessment was not justified. Held that the Apex Court in Smt. Amiya Bala Paul v. CIT [2003] 262 ITR 407/130 Taxman 511 had held that in an assessment of the assessee to income-tax, the reference by the Assessing Officer to the DVO regarding the question of cost of construction of a property built by the assessee cannot be made. Once that was so, the reliance on the report of the DVO by the Assessing Officer for reopening the assessment was not justified. Further, in view of proviso to section 142A, said section was not attracted to the facts of the instant case and, thus, no reliance could be placed upon that. Consequently, the initiation of reassessment proceedings on the basis of report of the DVO could not legally be sustained. CASES REFERRED TO Smt. Amiya Bala Paul v. CIT [2003] 262 ITR 407/130 Taxman 511 (SC) (para 6) and CIT v. Nabha Solvex (P.) Ltd. [2012] 343 ITR 178 (Punj. & Har.) (para 7) JUDGMENT Ajay Kumar Mittal, J. - The Revenue has approached this court under section 260A of the Income-tax Act, 1961 (in short "the Act"), and has prayed that the following substantial questions of law arise in this appeal for consideration of this court from the order of the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (in short "the Tribunal") passed on September 30, 2002, in Income-tax Appeal No. 555 (ASR) 2001, for the assessment year 1992-93 : "1. Whether, on the facts and in the circumstances of the case, the hon'ble Income-tax Appellate Tribunal was justified in law in holding that the reopening of assessment under section 147 of the Act based on the valuation…

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