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2009 (4) TMI 405 - HC - Income TaxReassessment- On the basis of the report of valuation officer the Assessing Officer added the difference in the valuation made by the Departmental Valuation Officers added the difference in the valuation made by Departmental valuation Officers and the investment shown by the assessee as income from other source which order was upheld in appeal by the Commissioner of Income Tax (Appeals).The Tribunal quashed the reassessment order. Held that- the proviso lays down that section 142A will not apply to an assessment made before the 30th day of September, 2004. In the instant case, the original assessment order was passed December 4, 1990 that was much before September 30, 2004. It had become final between the parties on the date when section 142A was inserted by Finance Act, 2004. The reassessment proceeding were not valid and liable to be quashed.
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