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TMI BlogDVO report u/s 131(i)(d)X X X X Extracts X X X X X X X X Extracts X X X X ..... DVO report u/s 131(i)(d) X X X X Extracts X X X X X X X X Extracts X X X X ..... ng as the ingredients of section 147 are fulfilled, the Assessing Officer is free to initiate proceeding under section 147. Indeed the report of the DVO may be one ground to reopen the assessment u/s 147. Supreme court has analysed the provisions of section 147 after amendment with effect from 1-4-1989 and delivered landmark decision in the matter of Assistant Commissioner of Income-Tax Versus Raj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esh Jhaveri Stock Brokers P. Limited 2008 -TMI - 6563 - SUPREME Court - http://www.taxmanagementindia.com/visitor/detail_case_laws.asp?ID=6563 Reply By GOPALJI AGRAWAL: The Reply: No, you may refer the following case law: Tej Pratap Singh Vs. ACIT [2008]307 ITR (AT) 244 Reply By GOPALJI AGRAWAL: The Reply: You may also refer the verdict in the judgement of Manjusha Estate (P) Ltd V. ITO [2009] 31 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 ITR 0263. All the decisions carry its own facts and circumstances, Reply By DEV KUMAR KOTHARI: The Reply: Dear Dr.SVSS Prasad, the answer to your query will depend on full facts and circumstances prevailing at the time of original assessment and also facts leading to reference and obtaining report of DVO. When the report of DVO was asked by the AO- reference was made. In case the original asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment was based on full facts duly explained and the AO did not refer the matter to the DVO before completion of assessment, then report of DVO obtained subsequently may not be a ground to re assess. In case original assessment was made subject to revision on receiving report of DVO, on a reference already made before original assessment, then perhaps a recomputation can be made based on and in c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsequence of the report of DVO. In case of construction of buildings, estimated cost or market valuation by DVO may not be ground of reassessment. In context of WT also all facts will require to be considered. In case report of DVO constitute mere change of opinion, then it will not be legal basis for reassessment because a review cannot be made in name of reassessment of income which is alleg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to have escaped assessment.
Please see page 5200 of the book of Chaturvedi and Pithisaria (Vol.3) X X X X Extracts X X X X X X X X Extracts X X X X
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