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2004 (8) TMI 22 - HC - Income TaxTribunal has quashed the proceedings u/s 147, initiated on the basis of the report of the Valuation Officer determining the cost of construction at a figure higher than what was disclosed by the assessee - Assessing Officer, therefore, could not have obtained the report of the Departmental Valuation Officer for the purposes of determining the cost of construction. Thus, the report of the Departmental Valuation Officer was clearly invalid. If the said report is excluded from consideration, there is no material whatsoever warranting satisfaction on the part of the Assessing Officer about the escapement of income. Thus, the impugned notices cannot be sustained on this ground as well. - Accordingly, we find no merit in these appeals which are dismissed.
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