TMI Blog2014 (9) TMI 731X X X X Extracts X X X X X X X X Extracts X X X X ..... versus For the Respondent : Mr. Rohit Madan, Advocate ORDER Sanjiv Khanna, J (Oral) 1. These two appeals filed by Deepika Jain and Vikas Exports relate to assessment year 1994-95 and the following substantial question of law was admitted for hearing vide order dated 18.09.2002. Whether on the facts and in the circumstances of the case, the Income-Tax Appellate Tribunal was justified in setting aside the assessment order without assigning any reason therefor? 2. As a very short and limited question arises for consideration, we are not referring to the factual matrix in detail but notice that the appellants assessees had jointly purchased along with Vibha Jain, property situated at XI/4834/24, Ansari Road, Daryaganj, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l fair market value of the property as on 18.12.1993 comes to ₹ 13,90,600/-. Out of which the assessee‟s share i.e. 1/4th worked out to ₹ 3,47,650/- on examining the assessee valuation report dtd. 11.03.1996 as well as the reply filed by the assessee, which seems to be genuine but the objection filed by the assessee should be raised before the DVO. However, in view of the above and considering all the facts it would be reasonable to allow relief to the extent of 50% of the difference in valuation ₹ 2,23,725/- i.e. ₹ 6,23,725/- - ₹ 4,00,000/- and the remaining 50% i.e. 1,11,863/- is added to the Income of the assessee u/s 69 of the Act. 5. The appellants assessees, however, succeeded before the Commiss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t under Section 131 of the Act. The valuation report, therefore, was not binding on the Assessing Officer but only a material or evidence which could be relied upon by the Assessing Officer. The application was partly allowed by the Tribunal vide order dated 07.08.2002 recording as under:- Accordingly the order of the ITAT dated 28.3.2002 setting aside the assessment and restoring it to the file of the AO will continue as it is valid. However, the comments that the report of the Valuation Officer is binding of the Valuation Officer. Only the CIT(A) has the power to give relief will be treated as withdrawn and not a part of the ITAT order. The misc. application stands disposed of accordingly. 8. When we read the quoted paragraph of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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