2003 (4) TMI 32 - HC - Income Tax

Tribunal is directed to refer the following questions along with the statement of case for the opinion of this court - Whether, Tribunal was right in holding that before making a reference to the Valuation Officer for his opinion under section 133(6), it was necessary that there is material or evidence to indicate that certain expenses incurred on the construction have not been recorded in the books of the assessee? - Whether, the Valuation Officer s report was not sufficient material/evidence for the AO to determine the cost of construction of the property and whether the Tribunal was justified in deleting the addition made by the AO on the basis of the Valuation Officer s report?

Summary

The High Court of Rajasthan directed the Tribunal to refer questions regarding the necessity of material for a Valuation Officer's opinion under section 133(6) of the Income-tax Act, 1961. The reference must be made within two months from the date of the order. The reference application under section 256(2) of the Income-tax Act, 1961, is disposed of accordingly.