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TMI Blog2014 (12) TMI 303X X X X Extracts X X X X X X X X Extracts X X X X ..... ned - the report of the DVO would not constitute any additional information but, would merely be an opinion about the cost of construction since reopening of assessment is not contemplated under the Income Tax Act – in LB. Kharawala Versus Income-Tax Officer, Company Circle-V, Ahmedabad [1983 (1) TMI 23 - GUJARAT High Court] it has been held that initiation of proceedings on the basis of the report of Valuation Officer under the Wealth Tax Act is not permissible – the AO was not confronted with any defects in the books of accounts maintained by the assessee - AO has not given any valid reasons for not accepting the cost shown by the assessee though he accepts that the method of accounting was mercantile - thus, the reassessment was invalid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... treated as an information ? In Tax Appeals No : 153/2002 to 155/2002 : Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal has substantially erred in law and on facts in coming to the conclusion that the addition made by the Assessing Officer towards the value of the cost of the construction on the basis of the report of the Valuation Officer and on the basis of the materials seized during the search and seizure proceedings, cannot be sustained under Section 69B of the Income Tax Act? 3. The facts in brief are that the assessee is a partnership firm engaged in the business of building construction work. During the Assessment Year in question, the assessee was into a building constr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f L.B. Kharawala v. Income Tax Officer, (1984) 147 ITR 67 (Guj) and Smt. Amiya Bala Paul v. Commissioner of Income Tax, (2003) 262 ITR 407 (SC). He, therefore, submitted that the present appeals deserves to be dismissed. 6. We have heard learned counsel for both the sides and have gone through the record of the case. 7. There is no dispute regarding the fact that Wealth Tax Act is concerned with the valuation of properties and contains provision for referring the matter of valuation to the Departmental Valuation Officer. However, under the Income Tax Act, the income has to be determined as per the books of accounts maintained by the assessee and there is no provision to refer the matter to the Departmental Valuation Officer. We find t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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