CIT Vs. DEVKI DEVI

JUDGEMENT

(1.) The Revenue has approached this court under section 260A of the Income-tax Act, 1961 (in short "the Act"), and has prayed that the following substantial questions of law arise in this appeal for consideration of this court from the order of the Income-tax Appellate Tribunal, Amritsar Bench, Amritsar (in short "the Tribunal") passed on September 30, 2002, in Income-tax Appeal No. 555 (ASR) 2001, for the assessment year 1992-93 :

(2.) The assessee preferred an appeal before the Tribunal. The assessee only pressed the question of reopening of the assessment under section 147 of the Act. The Tribunal, after examining the matter, accepted the plea of the assessee and, accordingly, allowed the appeal, vide order dated September 30, 2002.

(3.) The issue that arises in this appeal is whether the Assessing Officer could have reopened an assessment on the basis of the report of the DVO. Learned counsel for the Revenue, however, could not refer to any provision except section 55A of the Act on the basis of which, it could be pleaded that the report of the DVO was valid for estimating the correct cost of the construction and investment in the house in question. He also made efforts to draw support from the provisions of section 142A of the Act introduced by the Finance (No. 2) Act of 2004, with effect from November 15, 1972.