COMMISSIONER OF INCOME TAX Vs. N.S. BAKSHI

JUDGEMENT

(1.) COURSE of assessment proceedings under s. 143(3) of the Act, the AO while computing the valuation of house property referred the case to the DVO for its valuation. On examination of the valuation filed by the assessee, it was found that there was a huge difference of Rs. 17,89,000 on the value of property assessed by the assessee and by the DVO. Hence, an addition of Rs. 17,89,000 was made in the income of the assessee for the asst. yr. 1997 -98.

(2.) AGGRIEVED against the order of the AO, the respondent filed an appeal before the Commissioner of Income -tax(A) -II, addition.

(3.) NOT satisfied with the order of CIT(A) -II, Ludhiana, the Revenue filed an appeal before the Tribunal, which was "It is evident from s. 142A quoted above that whereas the section has been incorporated retrospectively, w.e.f. 15th assessment has become final and conclusive on or before that date. In this case, the assessment was made earlier than not be justified. We are, therefore, of the view that the controversy on merits of the addition is unnecessary. We accordingly find no justification to interfere with the order of CIT(A). The appeal of the Revenue is accordingly dismissed."