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2014 (2) TMI 898 - HC - Income TaxReference made to Valuation Officer u/s 142A(1) of the Act -Valuation of investment in the construction/renovation of the property - Whether the requirements of exercising such powers u/s 142A calling for DVO’s report are satisfied – Held that:- The scheme of the provisions read harmoniously would lead to a situation where in case the Assessing Officer, during the pendency of assessment or reassessment, is of the opinion that sections 69, 69A and 69B of the Act can be invoked, in order to estimate such unexplained investment or expenditure in acquisition of bullion, jewellery or valuable article, he can resort to valuation by the Valuation Officer in terms of sub-section (1) of section 142A of the Act. No such material emerges from the record - neither from the order of reference nor from any other material, the revenue could point out that the Assessing Officer had invoked the provisions of sections 69,69A or 69B of the Act and in the process desired to obtain the estimate of unexplained investment or expenditure and for which purpose DVO’s report was called - He simply gave no reasons in the order - No independent reasons, either flowing from the file or even in the form of an affidavit assuming the same would be permissible, are brought to notice – the Assessing Officer merely acted under the directives of the superior and did not, on his own application of mind, desire to call for the report – thus, in absence of any valid reasons for making a reference the order cannot be sustained – Decided in favour of Assessee.
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