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TMI Blog2013 (11) TMI 531X X X X Extracts X X X X X X X X Extracts X X X X ..... is mind to the information, if any, collected and must form a belief thereon. In the present case, there is nothing to show that there was any material other than DVO's report, which is only an estimation to issue notice under Section 148 of the Act. The A.O. may be justified in assessment proceedings to obtain report of DVO to meet the estimation of the cost of construction made by the assessee. Having completed assessment it was not open for the AO, in the absence of any material, which includes information, to doubt on the completed assessment and to reassess the assessee on the basis of the report of DVO. X X X X Extracts X X X X X X X X Extracts X X X X ..... Valuation Officer (DVO) received in pursuance to reference made under Section 142A of the Income Tax Act. The A.O. estimated difference in cost of construction for Rs.70,43,756/-, Rs.20,55,830/- and Rs.5,25,638/- in the assessment years 2006-07, 2008-09 and 2009-10 respectively. The appeal filed by the assessee was dismissed. The CIT (A) did not accept the contention of the assessee and noted that the reference to DVO u/s 142A was justified because the assessee had not produced the books of account and valuation report of registered valuer and vouchers for cost of construction. The A.O. did not have any opportunity to examine the books of account. The Income Tax Appellate Tribunal (ITAT) has relied upon the judgment of the Supreme Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... naccurate particulars of investment in construction or rather inaccurate particulars of income, penal provisions under Section 271 (1) (c) are also attracted. We do not find any error of law in the order of ITAT relying upon the judgment of the Supreme Court in ACIT v. Dhariya Construction Co. (Supra). The opinion of DVO per se is not an information for the purpose of reopening of assessment under Section 147 of the Act. There is nothing to show that there was any material other than DVO's report, which is only an estimation to issue notice under Section 148 of the Act. The A.O. may be justified in assessment proceedings to obtain report of DVO to meet the estimation of the cost of construction made by the assessee. Having completed assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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