2008 (4) TMI 514

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..... the Department's valuer - valuation was made by the Assessing Officer when the assessment stood remanded under the orders of the Commissioner of Income-tax (Appeals), counsel for the assessee contended that the Commissioner of Income-tax (Appeals) remanded the matter only for the limited purpose of considering certain cash credits and assessment as such was not pending before the Assessing Office .....

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..... 961 challenging the order of the Tribunal upholding the Commissioner of Income-tax (Appeals) order cancelling reassessment made against the respondent-assessee for the assessment year 1986-87. The assessee who had not filed return was called upon to file return on account of investment in the construction of a build-ing. The assessee filed a return and along with it a valuation report of construct .....

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..... e addition pertaining to unexplained cash credits. The Assessing Officer after receipt of the valuation report from the Department's valuer who valued the investment at about Rs. 26 lakhs, reopened the assessment made an assessment of around Rs. 9 lakhs. On appeal filed against the revised order, the appellate authority found that reference for valuation was made by the Assessing Officer when no p .....

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..... do not think we should enter any finding on this matter because we are of the view that introduction of sec-tion 142A with retrospective effect may validate the reference by the Assessing Officer for valuation, no matter whether the assessment was pending after remand by the Commissioner of Income-tax (Appeals) or not. The Tribunal had no occasion to consider the amendment because the amendment, .....

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..... ect we leave open both the issues to the Commissioner of Income-tax (Appeals) for consideration, i.e., whether reopening is justified on account of retrospective amendment through introduction of section 142A and if so, to consider the assessee's challenge against the quantum of assessment. We, therefore, set aside the impugned orders of the Tribunal and remand the matter to the Commissioner of In .....

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