TMI Blog1993 (9) TMI 103X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income-tax Act, 1961 (for Short, "the Act"), by the Income-tax Appellate Tribunal for opinion, to the High Court : "Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the Income-tax Officer was not justified in starting proceedings under section 147(b) of the Income-tax Act, 1961 ?" The year of assessment is 1972-73. The assessee purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onsequently held that a sum of Rs. 54,400 had escaped assessment and it was added in the hands of the assessee. Against the order of the Income-tax Officer, an appeal was filed under section 246 of the Act before the Appellate Assistant Commissioner of Income-tax. The Appellate Assistant Commissioner found that Rs. 54,400 had been added in the hands of the assessee. In the further appeal, the In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellate Tribunal was of the view that it had not been proved by the Revenue that the assessee had invested Rs. 1,04,000 in the purchase of the plot. The Income-tax Appellate Tribunal further held that, whereas the case was of the year 1971-72, the report was obtained in 1974. On the ground that the valuer's report was not conclusive, escapement was not found established and as such the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been said above, on merits also, we find that the question has to be answered against the Department on the ground that no proceedings under section 147(b) of the Act could be initiated on the basis of the valuer's report. It is only an information which, without being substantiated by convincing evidence or circumstances, could not be the basis for reopening of an assessment order. In L. B. Khara ..... X X X X Extracts X X X X X X X X Extracts X X X X
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