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TMI Blog2022 (11) TMI 1290X X X X Extracts X X X X X X X X Extracts X X X X ..... by the AO on 12.09.2017. The due date of the report of the valuation officer is ending on March 2018. But the DVO has submitted the report with the delay of 3 months, beyond the due date prescribed under the Act. The Ld.DR also could not contest the argument of the AR that the DVO s valuation report is non-est in the eyes of law, since it is submitted beyond the prescribed due date u/s 142A(6) There is no material placed before us regarding any stay being granted on the operation of the order of the Hon ble ITAT. In the absence of the same pending disposal of the appeal by decision of Hon ble ITAT in [ 2019 (9) TMI 628 - ITAT VISAKHAPATNAM ] is valid in law as on date. We are therefore, in concurrence with the CIT(A). We are of the consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the books of account was not reflecting the actual expenditure incurred by the company towards the construction of the seven storied multiplex. In order to ascertain the actual expenditure of the construction of the above building, the case was referred to Departmental Valuation Officer (DVO) on 12.09.2017 as per provisions of 142A of the I.T.Act. The DVO furnished the report dt 30.05.2018 on 14.06.2018, determining the cost of construction at Rs.19,84,03,000/-. The DVO provided the cost of construction of the building assessment year-wise, as detailed in the order of the Ld.AO. Subsequently, notice u/s 148 was issued on the assessee on 08.01.2021 and served on 12.01.2021. In response, the assessee company filed it s return of income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with law and hence, the order of the Ld.CIT(A) be upheld. 6. We have heard both the parties, perused the material available on record and orders of the authorities below. The crux of the issue raised by the revenue as culled out from the grounds of appeal is with respect to applicability of provisions of section 142A(6) of the Act. For the sake of convenience, we reproduce below section 142A(6) of the Act. Estimation of value of assets by Valuation Officer. 142A. (1) The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him. (2) Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). On plain reading of the above section, it is very clear that the valuation officer shall send a copy of the valuation report to the AO within the period of six months from the end of the month in which reference was made under sub section (1) of section 142A of the Act. However, in this case, the DVO has submitted his report on 14.06.2018 based on the reference made by the AO on 12.09.2017. The due date of the report of the valuation officer is ending on March 2018. But the DVO has submitted the report with the delay of 3 months, beyond the due date prescribed under the Act. The Ld.DR also could not contest the argument of the Ld.AR that the DVO s valuation repo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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