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TMI Blog2004 (9) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income-tax Officer at the time of assessment. The Commissioner was well within his jurisdiction to take into consideration the report of the Valuation Officer which was available to him at the time of examination for the purpose of initiating the proceeding under section 263(1) - - - - - Dated:- 28-9-2004 - Judge(s) : R. K. AGRAWAL., PRAKASH KRISHNA. JUDGMENT The judgment of the court was delivered by R.K. Agarwal J.- The Income-tax Appellate Tribunal, Delhi has referred the following questions of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") for opinion to this court: "1. Whether the Tribunal was correct in holding that the report of the Valuation Officer was not part of the rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e report of the Valuation Officer, the Commissioner of Income-tax initiated proceedings under section 263 of the Act on the ground that the assessment was erroneous and also prejudicial to the interest of the Revenue and after giving an opportunity of hearing to the assessee, vide order dated April 12, 1982, restored the assessment to the file of the Income-tax Officer. Feeling aggrieved, the respondent preferred separate appeals before the Tribunal. The Tribunal had held that under section 263(1) of the Act, the Assessing Officer has to examine the record as it stood at the time when the assessment order was passed by the Income-tax Officer and not the record as it stood at the time of examination by the Commissioner. Since the report of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ating to that proceeding available to him at the time of examination. Respectfully following the aforesaid decision, we are of the considered opinion that the Tribunal was not justified in limiting the record which was available before the Income-tax Officer at the time of assessment. The Commissioner was well within his jurisdiction to take into consideration the report of the Valuation Officer which was available to him at the time of examination for the purpose of initiating the proceeding under section 263(1) of the Act. In view of the foregoing discussion, we answer the questions of law referred to us in the negative, i.e., in favour of the Revenue and against the assessee. There shall be no order as to costs. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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