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2004 (9) TMI 70 - ALLAHABAD HIGH COURTConsidering the report of the Valuation Officer, the Commissioner of Income-tax initiated proceedings under section 263 on the ground that the assessment was erroneous and also prejudicial to the interest of the Revenue - "1. Whether the Tribunal was correct in holding that the report of the Valuation Officer was not part of the record for the purposes of action under section 263? 2. Whether Tribunal was legally correct in cancelling the Commissioner of Income-tax's order, holding it to be without jurisdiction and invalid?" – Held that Tribunal was not justified in limiting the record which was available before the Income-tax Officer at the time of assessment. The Commissioner was well within his jurisdiction to take into consideration the report of the Valuation Officer which was available to him at the time of examination for the purpose of initiating the proceeding under section 263(1)
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