CIT Vs. RAGHURAJI AGRO INDUSTRIES (P.) LTD.

JUDGEMENT

(1.) THE present appeal has been filed by the appellant -Department under section 260A of the Income -Tax Act, 1961, against the judgment and order dated 23 -9 -2009, passed by the Income Tax Appellate Tribunal, Lucknow, in I.T.A. No. 365/Luc/2009, for the assessment year 2001 -2002.

(2.) ON 9 -3 -2010, a Coordinate Bench of this Court has admitted the appeal on the following substantial questions of law: - -

(3.) WITH this background, Sri Prashant Kumar, learned counsel for the Department has justified the order passed by the assessing officer He submits that the assessee has shown the lesser investment in the factory building. The Tribunal had upheld the validity of the reference made under section 131(1)(d) of the Act by observing that after insertion of Section 142A with retrospective effect from 15 -11 -1972, the reference made under section 131(1)(d) will be deemed to have been made under section 142 -A of the Act. He further submits that the issue relating to the validity of the reference to DVO was not before the CIT(A) and, therefore, both the orders passed by the appellate authorities, will have to be set aside.