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TMI Blog2015 (4) TMI 832X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment years and Tax Appeal No.175 of 2015 is arising out of the impugned judgment and order passed by the learned Tribunal deleting the penalty imposed under Section 271(1)(c) of the Income Tax Act with respect to the transaction for the aforesaid assessment years, all these appeals are decided and disposed of by this common order. 2. At the outset, it is required to be noted that the dispute is with respect to the assessment years 2002-2003, 2003-2004 and 2004-2005. That the assessee filed return of income for the aforesaid assessment years. That the Assessing Officer framed assessment and passed assessment orders under Section 143(3) of the I.T. Act (for A.Y.2002-2003), under Section 143(3) of the I.T. Act (for A.Y.2003-2004) and und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... posed under Section 271(1)(c) of the I.T. Act. 2.2. Feeling aggrieved and dissatisfied with the respective orders passed by the learned CIT(A) in dismissing the respective appeals preferred by the assessee, the assessee preferred appeals before the learned Tribunal challenging the aforesaid additions as well as reopening of the assessment proceedings under Section 147 of the Act. That the Revenue also preferred appeal before the learned Tribunal being ITA No.2253/Ahd/2012 for A.Y. 2003-2004 challenging the order passed by the learned CIT(A) deleting penalty under Section 271(1)(c) of the I.T. Act. That by impugned common judgment and order, the learned Tribunal has allowed the appeals preferred by the assessee and has deleted the additions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppellate Tribunal has substantially erred in deleting the addition of Rs. 41,77,536/- for assessment year 2003-04 as unexplained investment being the difference in cost of construction?" 2.6. In Tax Appeal No.175 of 2015, the Revenue has proposed the following substantial question of law:- "Whether the Appellate Tribunal has substantially erred in cancelling the notice issued u/s 148 of the Act by AO and deleting penalty amounting to Rs. 15,35,245/- levied by Assessing Officer u/s 271(1) (c) of the I T Act?" 2.7. In Tax Appeal No.176 of 2015, the Revenue has proposed the following substantial questions of law:- "(A) Whether, on facts and in circumstances of the case, the Appellate Tribunal has substantially erred in cancelling the notic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed with the DVO's report. 3.3. It is submitted by Shri Bhatt, learned counsel appearing for the Revenue that the learned Tribunal has materially erred in observing that on the basis of the DVO's report alone, the Assessing Officer was not justified in initiating the reassessment proceedings. 3.4 It is further submitted by Shri Bhatt, learned counsel appearing for the Revenue that even in the case of Assistant Commissioner of Income-Tax V/s. Dhariya Construction Co. reported in 328 ITR 515 (SC), the Hon'ble Supreme Court has observed that the DVO's report can be considered, however, subject to Assessing Officer applying his mind. It is submitted that, therefore, the learned Tribunal has materially erred in holding the reass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the learned Tribunal has committed any error in deleting the additions made by the Assessing Officer on account of difference of the cost of construction which was solely based upon the DVO's report. 5.1. Under the circumstances, no interference of this Court is called for and the present appeals deserve to be dismissed as no question of law, much less, any substantial question of law arises in the present appeals. Once the addition made by Assessing Officer is deleted, the necessary consequences would be to delete the penalty imposed under Section 271(1) (c) of the Act. 6. Under the circumstances, the appeals against the impugned common judgment and order passed by the learned Tribunal in dismissing the appeals preferred by the Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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