2013 (11) TMI 1373

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..... 010 (2) TMI 612 - Supreme Court of India] - Decided against Revenue. Excess exemption u/s 54F - Held that:- The Tribunal when observed this excess allowance issued notice u/s 154 - The assessee had admitted the said mistake and had deposited Rs.21,520/- towards excessive allowance or exemption under Section 54F - Reasons recorded do not state or record that notice under Section 154 of the Act s .....

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..... t the declared value of Rs.29,00,000/-. 2. The DVO s report has not been placed on record before us and we have not examined the same. The tribunal has rightly observed that the DVO s report cannot be made the basis of initiation of re-assessment proceedings by itself. Decision of the Supreme Court in ACIT versus Dhariya Construction Company, (2010) 328 ITR 515 (SC) is a short one, but exposits .....

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..... t the reasons only refer to the valuation report as such and not application of mind or belief formed by the Assessing Officer. The decision in Dhariya Construction Company (supra) is squarely applicable and, therefore, the first two grounds do not survive. 4. Learned counsel for the appellant, however, contends that there is a third ground or reason mentioned in the reasons to believe . It is .....

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