9911796707
TMI Blog2013 (1) TMI 629X X X X Extracts X X X X X X X X Extracts X X X X ..... by the revenue against the order dated 29.06.2012 passed by the Income Tax Appellate Tribunal in ITA 4460/Del/2010 pertaining to the assessment year 2006-07. 2. The facts are that the respondent/ assessee had filed a return declaring an income of Rs. 39,90,410/- on 18.07.2006. Subsequently, a search was conducted under Section 132 of the Income Tax Act, 1961 (hereinafter referred to as 'the said ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer referred the question of valuation of the said properties to the District Valuation Officer (DVO). The DVO submitted his report on 14.12.2009 in respect of the Ahmedabad properties and on 24.12.2009 in respect on the Kolkata property. As per the said report, the DVO has valued the said properties as under:- Sl. No. Address of the property Value determined by DVO [in Rs. ] Value ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who deleted the additions. The Income Tax Appellate Tribunal confirmed the said deletion. The issue that is sought to be raised here is that the deletion was not in accordance with law. However, we find that the Income Tax Appellate Tribunal as well as the Commissioner of Income Tax (Appeals) had concluded, on facts, that there was no material found during the search to justify the reference to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erence to the DVO itself was not in accordance with law. 6. We have no reason to differ from the view taken by the Tribunal, particularly, as no material was found in the search and seizure operations, which would justify the Assessing Officer's action in referring the matter to the DVO for his opinion on valuation of the said properties. If that be the case, then the valuation arrived at by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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