2008 (2) TMI 909 - HC - Income Tax

Summary

Issues involved: Interpretation of Section 142A of the Income Tax Act in the context of assessment made under Section 143.

Summary:

The High Court of Rajasthan considered the appeal regarding the assessment made by the Assessing Officer under Section 143 of the Income Tax Act. The court noted that Section 142A allows for reference to the Valuation Officer in specific cases where the value of certain investments or assets needs to be estimated. These cases are outlined in Sections 69, 69A, and 69B, which deal with unexplained investments or undisclosed amounts in the books of accounts. The court emphasized that Section 142A does not empower the Assessing Officer to routinely refer every assessment to the Valuation Officer, but only in cases falling under Sections 69, 69A, and 69B. Since the appellant's case did not involve issues covered by these sections and the books of accounts were found to be regularly maintained, the court upheld the Tribunal's decision and dismissed the appeal.