2011 (4) TMI 1323

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..... he Hon'ble ITAT was legally correct in confirming the findings of CIT (A) holding that only on the basis of DVO's report reassessment proceedings cannot be initiated because the report of DVO does not constitute an evidence as envisaged under section 147 of the IT Act, 1961. That question was based on the findings recorded by the ITAT in its order dated 23.4.2009. The learned Tribunal .....

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..... or the CIT (A) the books of accounts were rejected before referring the matter to the ITAT. In the light of that, considering the law declared in Sargam Cinema's case (supra), it was not open to appoint the Valuation Officer and consequently, in our opinion, the notice for reassessment is without jurisdiction. In the light of that, there is no merit in this appeal and it is dismissed acc .....

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