Law:

Section:

Section 147 of the Income-tax Act 1961 - Income escaping assessment General - Assessment year 1992-93 Where assessment under section 143(1)(a ) had become final between parties prior to 30-9-2004, in view of proviso to section 142A, reference to Departmental Valuation Officer for purposes of assessment could not be made and as such, reassessment proceeding initiated in such case on basis of report of District Valuation Officer to add unexplained investment in property, was not justified [In favour of assessee] Where the assessment under section 143(1)(a) had become final between the parties prior to 30-9-2004; in view of the proviso to section 142A, reference to the Departmental Valuation Officer for the purposes of assessment could not be made and in such a case reassessment proceeding initiated on the basis of the report of the District Valuation Officer to add unexplained investment in the property was not justified. Shambhu Chopra for the Appellant. Ashish Bansal for the Respondent. JUDGMENT In the present income-tax appeal filed under section 260A of the Income-tax Act, 1961, the Commissioner of Income-tax has raised the following questions said to be substantial questions of law arising out of the order of the Income-tax Appellate Tribunal dated December 15, 2003. The appeal relates to the assessment year 1992-93 : "1.Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal is correct in law in dismissing the Department's appeal by following the of the hon'ble Supreme Court in the case of Smt. Amiya Bala Paul v. CIT [2003] 262 ITR 407 despite the fact that the facts and circumstances of that case were different to those of the assessee's case ? 2.Whether, on the facts and in the circumstances of the case, the report of the Valuation Officer cannot be utilized as an evidence or expert opinion of a technical expert by the Assessing Officer while making the assessment in view of the of the hon'ble Supreme Court in the case of Smt. Amiya Bala Paul v. CIT [2003] 262 ITR 407 ? 3.Whether, on the facts and in the circumstances of the case, that the issue of unexplained investment in the property was covered in favour of the…

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