TMI Blog2010 (2) TMI 631X X X X Extracts X X X X X X X X Extracts X X X X ..... d against the judgment and order of the Income-tax Appellate Tribunal datedJuly 24, 2009on the grounds formulated as stated hereunder: "A. Whether on the facts and in the circumstances of the case the Income-tax Appellate Tribunal erred in law in holding that the Assessing Officer did not form opinion before referring the matter to the Departmental Valuation Officer without appreciating the fact that the Assessing Officer did note same in writing in the order-sheet dated December 12, 2005 ? B. Whether on the facts and circumstances of the case the Income-tax Appellate Tribunal erred in law in not considering the fact that the Income-tax Act, 1961 does not prescribe manner of forming opinion before referring the matter to the Departm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 18,73,800. The Assessing Officer did not accept the valuation report submitted by the assessee on the ground that the same was not prepared on the basis of any sale instance. Naturally the Assessing Officer proceeded on the basis of the valuation of the Departmental Valuer which made a lot of difference in assessing tax liability. Basing on the Departmental valuation report the Assessing Officer came to conclusion that the assessee had overstated the value of the opening stock at Rs. 2,26,54,893 and instead of accepting the loss, as shown in the return the Assessing Officer has determined the net profit of Rs. 6,09,025. Thus the conclusion was arrived at by the Assessing Officer was based on valuation. Therefore, the point raised befor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a of perversity. In this case the admitted position is that the assessee submitted valuation made by the registered valuer. Hence clause (a) of the aforesaid section is applicable in this case which is set out hereunder: "55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the Assessing Officer may refer the valuation of capital asset to a Valuation Officer- (a) in a case where the value of the asset as claimed by the asses-see is in accordance with the estimate made by a registered valuer, if the Assessing Officer is of the opinion that the value so claimed is less than its fair market value. (b) In any other case, if the Assessing Officer is of the opinion (i) that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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