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TMI Blog2013 (12) TMI 612X X X X Extracts X X X X X X X X Extracts X X X X ..... ER Present appeal under Section 260-A of the Income Tax Act, 1961 has been preferred by the department against the judgment and order dated 26.05.2004 passed by the Income Tax Appellate Tribunal, Lucknow in ITA No.601/Luc/2001 for the assessment year 1995-96. On 05.09.2007, a Coordinate Bench of this Court has admitted the instant appeal on the following substantial questions of law: 1.Whether ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances of the case, the Tribunal order is not bad in law in view of the new provisions of Section 142-A introduced retrospectively w.e.f. 15.11.1972 in Income Tax Act by the Finance Act 2004, which empowers the A.O. to require the Valuation Officer to make an estimate of value of movable/immovable property? Sri R. K. Upadhyay, learned counsel for the department has relied on Section 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n error of law in setting aside the reassessment proceedings. According to him, the Assessing Officer was fully justified in taking recourse to the provisions of under Section 147/148 of the Act on the basis of the report on the Departmental Valuation Officer. We have perused the three orders passed by the authorities filed alongwith the memo of appeal as also the proviso of section 142A of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 142A was inserted by Finance (No. 2) Act, 2004 as there is nothing on record to show to the contrary. We are therefore of the considered opinion that the Tribunal had not committed any error of law in setting aside the reassessment proceedings. The appeals fails and is dismissed on merits." In view of above, it appears that the issue is squarely covered with the aforesaid judgment. Hence, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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