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TMI Blog2010 (8) TMI 64X X X X Extracts X X X X X X X X Extracts X X X X ..... ayment over and above the consideration mentioned in the registered sale deeds. In any event, the final fact finding authority, namely, the Tribunal has arrived at a finding that the instances of the sale taken into account by the Valuation Officer were not comparable as they were situated far away from the location of the plots purchased by the respondent-assessee. – revenue’s appeal dismissed – decided in favor of assessee - 1191/2010, 1192/2010 - - - Dated:- 20-8-2010 - CORAM: HON'BLE THE CHIEF JUSTICE HON'BLE MR. JUSTICE MANMOHAN Ms. Sonia Mathur, Advocate MANMOHAN, J: Allowed, subject to all just exceptions. 1. The present two appeals have been filed under Section 260A of Income Tax Act, 1961 (for brevity "Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee as well as by the revenue, the Tribunal deleted the entire addition made by the Assessing Officer on the basis of the valuation report submitted by the DVO. In fact, the Tribunal in its impugned order has held as under :- "6. After hearing both the sides at length, we are of the view that during the search operation, no material in respect of the investment in the plots referred to Valuation Officer was found and seized. There was no evidence gathered during the search operation that assessee has invested more than the value declared in the registered sale deed. The comparable instances taken by the Valuation Officer were situated far away from the location of these plots. These plots are located in Sector-8 of Dwarka and were a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment based on the opinion given by the District Valuation Officer (DVO). Opinion of the DVO per se is not an information for the purposes of reopening assessment under Section 147 of the Income Tax Act, 1961. The AO 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. 10. Moreover, in the present case, no evidence much less incriminating evidence was found as a result of the search to suggest that the assessee had made any payment over and above the consideration mentioned in the registered sale deeds. In any e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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