TMI Blog2017 (12) TMI 55X X X X Extracts X X X X X X X X Extracts X X X X ..... or in reaching the conclusion. In that view of the matter, the issue is answered in favour of the assessee and against the department - D.B. Income Tax Appeal No. 122 / 2011 - - - Dated:- 25-7-2017 - HON'BLE MR. JUSTICE K.S.JHAVERI AND HON'BLE MR. JUSTICE INDERJEET SINGH For the Appellant : Mr. R.B. Mathur with Mr. Prateek Kedawat, Mr. K.D. Mathur For the Respondent : Mr. Vivek Singhal JUDGMENT 1. By way of this appeal, the appellant has assailed the judgment and order of the Tribunal whereby Tribunal has allowed the appeal preferred by the department was dismissed and cross objection of the assessee was partly allowed. 2. This court while admitting the appeal on 25.7.2011 framed following substantial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... High Court, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23A, subsection (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with necessary modi-fications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under subsection (1) of section 16A of that Act. 87 [Explanation 1].-For the purposes of this section, Valuation Officer shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 2009 is only prospective in nature and cannot be applied retrospectively. 8.We have perused the above circular. It is stated therein that the scope of the provisions does not include transaction which are not registered with stamp duty valuation authority and executed through agreement to sell or power of attorney. Consequently, it is made clear therein that the amendments have been made applicable with effect from 01.10.2009 and therefore, they will apply only in relation to transaction undertaken on or after such date. The relevant portion of the circular is extracted hereunder: 23.4. Applicability:- These amendments have been made applicable with effect from 1st October, 2009 and will accordingly, apply in relation to transacti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same on the plea that it is inconsistent with the statutory provisions or it mitigates the rigour of the law. 22.In Paper Products Ltd. Vs. Commissioner of Central Excise ((2001) 247 ITR 128 SC: (1999) 7 SCC 84), while interpreting Section 37B of the Central Excise Act, 1944, which is in pari materia with Section 28A of the TNGST Act, this Court had held that the circulars issued by the Central Board of Excise and Customs are binding on the Department and the Department is precluded from challenging the correctness of the said circulars, even on the ground of the same being inconsistent with the statutory provision. It was further held that the Department is precluded from the right to file an appeal against the correctness of the bindi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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