COMMISSIONER OF INCOME-TAX Vs. GULAM MOHAMMAD

JUDGEMENT

(1.) THE assessment order under Section 143(1) of the Income -tax Act, 1961, hereinafter referred to as the Act, in respect of the assessment year 1990 -91, was originally framed on January 4, 1991. On the basis of the report of the Departmental Valuation Officer in respect of investment made in the construction of building by the respondent -assessee at building material market in Maida Bazar, Kanpur, proceeding under Section 147/148 of the Act, was initiated and vide his order dated December 16, 1997, the Assessing Officer added the difference in the valuation made by the Departmental Valuation Officer and the investment shown by the assessee as income from other sources which order was upheld in appeal by the Commissioner of Income -tax (Appeals). However, the Tribunal, vide order dated November 28, 2003, had quashed the reassessment order.

(2.) HEARD Sri Shambhu Chopra, learned standing Counsel for the Revenue and learned Counsel appearing for respondent assessee.

(3.) WE have perused the three orders passed by the authorities filed along -with the memo of appeal as also the proviso to Section 142A of the Act which is as under: Provided that nothing contained in this Section shall apply in respect of an assessment made on or before that 30th day of September, 2004, and where such assessment has become final and conclusive on or before that date, except in cases where a reassessment is required to be made in accordance with the provisions of Section 153A.