TMI Blog2020 (9) TMI 1203X X X X Extracts X X X X X X X X Extracts X X X X ..... property in the two reports is also not substantial. However, we may not be misunderstood of our judgment to be clouded by such fact. The Assessee is a salaried person. He had constructed a residential house on a plot owner by his wife. During the course of proceedings, in fact much prior to the passing of the order accepting his return, he had submitted the Valuation Report from an approved Valuer. The same was never objected to or rejected. Right from day one, he had disclosed full particulars, what took the official valuer more than ten months to value the property and why despite the Assessee having submitted his Valuation Report dated 10th of January, 2005 request for calling Valuation Report was made only on 19th of October, 2006 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deem fit and proper under the facts of the case. The trust deficit between the Department and the Assessee, perhaps has led to the litigation being prolonged for more than a decade and a half. Every public body and Institution has a duty not only to build goodwill and defend its reputation but also to instill faith in the mind of public with regard to its functionality. There are times when the Institution has to show magnanimity, even in the existence of a bonafide error, and not unnecessarily embroil a party to litigation and prolong his agony. We are concerned with the correctness of the order dated 8th of December, 2008 passed by the DCIT, Circle-2, Muzaffarpur in the proceedings initiated under Section 143(3)/147 of the Income T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sted Scrutiny), the Assessing Officer never raised any objection to the Valuation Report submitted by the Assessee, as is evident from order dated 20th of December, 2006 passed under Section 143(3) of the Act (Annexure-3). Subsequently, and only on the basis of the Valuation Report submitted by the official valuer received on 5th of November, 2007, notice dated 15.01.2008 under Section 147 was issued to the Assessee, calling upon him to show cause as to why valuation of the property be not accepted in terms thereof. Not finding favour with the explanation furnished by the Assessee, the authorities passed the impugned orders. Instant petition was filed on 15th of September, 2009 and is pending consideration before this Court. Opposi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... information for the purposes of reopening assessment under section 147 of the Income-tax Act, 1961. The Assessing Officer has to apply his mind to the information, if any, collected and must form a belief thereon. In the circumstances, there is no merit in the civil appeal. The Department was not entitled to reopen the assessment. Civil appeal is, accordingly, dismissed. No order as to costs. The coordinate Bench of this Court in the case of M/s Mithila Prop. Pub. Contract (supra) has also held to the aforesaid effect. We are in agreement with the view taken by the Coordinate Bench, for in the attending facts and circumstances there is nothing on record to establish that save and except for the Valuation Report, alone, there i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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