TMI Blog2013 (1) TMI 629X X X X Extracts X X X X X X X X Extracts X X X X ..... operations, which would justify the AO’s action in referring the matter to the DVO for his opinion on valuation of the said properties. If that be the case, then the valuation arrived at by the DVO would be of no consequence. In any event, the Tribunal has also, on facts, held that the DVO’s valuation was based on incomparable sales, which is not permissible in law - in favour of assessee. - ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... those companies and their relatives. Thereafter, a notice under Section 153C of the said Act was issued on 07.10.2009. A response was issued by the assessee by their letter dated 13.10.2009 and the return already filed on 18.07.2006 was requested to be treated as the return in response to the said notice under Section 153C. 3. The Assessing Officer, in the course of the assessment proceedings, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18,00,000/- 26,00,600/- (ii) 102, Kaivana Building Malkans, Near Polytechnic, Ahmedabad 41,57,300/- 17,36,000/- 24,21,300/- (iii) Commercial Property Chowranghee, Kolkata 43,19,800/- 32,11,680/- 11,08,120/- 4. The difference in the values, as declared by the assessee and as opined by the DVO, amounted to Rs. 50,21,900/- in respect of the properties at Ahmedab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to show that the investment made by the assessee was outside the books. This, according to the Tribunal, was a condition precedent for making a reference to the DVO. The Tribunal also held that, in any event, the DVO s report was based on incomparable sales and, therefore, could not be relied upon. The Tribunal also held that the burden was on the revenue to show that the real investment in the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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