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TMI Blog2015 (11) TMI 794X X X X Extracts X X X X X X X X Extracts X X X X ..... back to the file of the Assessing Officer for de novo assessment - Decided in favour of revenue for statistical purposes. - I. T. A. No. 19 /Hyd/ 2014 - - - Dated:- 1-7-2015 - SMT. ASHA VIJAYARAGHAVAN (Judicial Member) and INTURI RAMA RAO (Accountant Member) R. Clement Ramesh Kumar for the appellant. K. A. Sai Prasad for the respondent. ORDER The order of the Bench was delivered by 1. Inturi Rama Rao (Accountant Member).-This is an appeal filed by the Revenue for the assessment year 2009-10 against the order of the Commissioner of Income-tax (Appeals)-IV Hyderabad dated October 4, 2013 by raising the following grounds of appeal : 1. The learned Commissioner of Income-tax (Appeals) erred in law and on facts of the case. 2. The hon'ble Commissioner of Income-tax (Appeals) ought to have sustained the fair market value proposed by the District Valuation Officer. 3. The hon'ble Commissioner of Income-tax (Appeals) ought to have appreciated the fact that the objections raised by the assessee during the appeal were already taken into accounts by the District Valuation Officer while arriving at the fair market value. 2. The brief facts of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is report. 4. The Commissioner of Income-tax (Appeals) after considering the submissions of the assessee as well as the additional evidence came to a conclusion that there was no need for adopting the valuation as per SRO and deleted the addition. 5. Aggrieved, the Revenue is in appeal before us. 6. The learned Departmental representative vehemently argued before us that the learned Commissioner of Income-tax (Appeals) without hearing the District Valuation Officer ought not to have deleted the addition in the matters requiring technical advice and such matters should be decided only by the technical experts and vehemently argued that the Commissioner of Income-tax (Appeals) without hearing the District Valuation Officer ought not to have deleted the addition. 7. On the other hand learned counsel for the assessee placed heavy reliance on the orders of the lower authorities. 8. We heard the rival submissions and perused the material available on record. The grievance of the Revenue in this appeal is that the learned Commissioner of Income-tax (Appeals) ought not to have deleted the addition inasmuch as the objections raised by the assessee were already considered by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... contained a correct declaration of valuation of the asset. Copy of this order is required to be sent to the Assessing Officer and to the assessee. Under sub-section (4), when his opinion is otherwise, the Valuation Officer has to serve a notice on the assessee intimating him the value which he proposes to estimate and giving the assessee an opportunity. Sub-section (5) contemplates hearing of evidence produced by the assessee, its consideration by the Valuation Officer and passing of an order in writing by him estimating the value of asset. Again, a copy of such order is required to be sent by him to the Assessing Officer and to the assessee. Sub-section (6) stipulates that on receipt of such order of the Valuation Officer, the Assessing Officer has to proceed to complete the assessment in conformity with the assessment of the Valuation Officer. It is, therefore, apparent that these provisions mandate that after the Assessing Officer receives report of the Valuation Officer under section 50C, he has to act in conformity with the valuation of the capital asset worked out therein. 10. Section 23A of the Wealth-tax Act appears in Chapter VI deal ing with appeal, revision and refer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... take evidence on oath, etc. This provision declares that for the purpose of the Wealth- tax Act, the Valuation Officer also has the same powers, as are vested in a court under the Code of Civil Procedure when trying a suit in respect of the following matters. Those powers are-(a) discovery and inspection ; (b) enforcing the attendance of any person, including any officer of a banking company and examining him on both ; (c) compelling the production of books of account and other documents ; and (d) issuing commissions. Sub-section (3) enables the Valuation Officer to impound and retain in its custody any books of account or other documents. Under sub-section (4), proceedings before the wealth-tax authority or any Tribunal are deemed to be judicial proceedings within the meaning of section 193 and section 228, and for the purpose of section 196 of the Indian Penal Code. 11. When these provisions are looked into in the background of the judgment of the hon'ble apex court in case of Smt. Amiya Bala Paul v. CIT (supra), it follows that such Valuation Officer is constituted as an independent and distinct statutory forum for resolving the controversy regarding determination of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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