TMI Blog2010 (9) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... have referred the matter to the Departmental Valuation Officer (DVO) without books of accounts being rejected - books were never rejected - Held that: - Department sought reopening of the assessment based on the opinion given by the District Valuation Officer (DVO) - Opinion of the DVO per se is not an information for the purposes of reopening assessment under Section 147 - no merit in the Civil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l") in ITA No. 784/Del/2009 for the Assessment Year 2004-2005. 2. Ms. Suruchii Aggarwal, learned counsel for the revenue submitted that in the absence of transfer documents, Assessing Officer (in short, "AO") could resort to fair market value of the property for the purpose of Section 50 of the Act. 3. However, we find that the Tribunal has rejected the said argument by observing as under:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... en an under-statement or concealment of income. It is only when such burden has been discharged, it would be permissible to rely upon the valuation given by the DVO (See K.P. Varghese Vs. ITO, (1981) 131 ITR 597 (SC), CIT Vs. Shakuntala Devi, (2009) 316 ITR 46, CIT Vs. Ashok Khetrapal, (2007) 294 ITR 143 (Del.) and Commissioner of Income Tax Vs. Manoj Jain, (2006) 287 ITR 285 (Del.)). 5. In any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... asons, the impugned judgment of the High Court is set aside and the order passed by the Tribunal stands restored to the file. Accordingly, assesee succeeds. Civil Appeal is allowed. No order as to costs." 6. Further the Supreme Court in its order dated 16th February, 2010 in Civil Appeal No. 9468/2003 has held as under:- "Having examined the record, we find that in this case, the Department s ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
