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2022 (11) TMI 1290 - AT - Income TaxValidity of valuation by the DVO u/s 142A - Estimation of value of assets by Valuation Officer - Applicability of provisions of section 142A(6) - CIT-A allowed the appeal of the assessee - HELD THAT:- The valuation officer shall send a copy of the valuation report to the AO within the period of six months from the end of the month in which reference was made under sub section (1) of section 142A - in this case, the DVO has submitted his report on 14.06.2018 based on the reference made by the AO on 12.09.2017. The due date of the report of the valuation officer is ending on March 2018. But the DVO has submitted the report with the delay of 3 months, beyond the due date prescribed under the Act. The Ld.DR also could not contest the argument of the AR that the DVO’s valuation report is non-est in the eyes of law, since it is submitted beyond the prescribed due date u/s 142A(6) There is no material placed before us regarding any stay being granted on the operation of the order of the Hon’ble ITAT. In the absence of the same pending disposal of the appeal by decision of Hon’ble ITAT in [2019 (9) TMI 628 - ITAT VISAKHAPATNAM] is valid in law as on date. We are therefore, in concurrence with the CIT(A). We are of the considered view that the CIT(A) has rightly considered the provisions of the Act, hence, no interference is required in the order of the Ld.CIT(A). Accordingly, the appeal of the revenue is dismissed.
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