Value investment under section 69B cannot be required to be estimated and cannot be deemed to be income so there is no invocation of section 142A

Last updated: 06 August 2012

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
Facts, in brief, as per the relevant orders are that return declaring income of `.39,90,410/- was filed by the assessee on 18th July, 2006. Subsequently on 26th April, 2007, a search u/s 132 of the Income Tax Act 1961, (hereinafter referred to as the Act) and a survey u/s 133A of the Act was conducted in the premises of M/s A.K. Capital Services Ltd and its group companies as also in the premises of Directors of these companies and their relatives. Consequently, a notice u/s 153 C of the Act was issued on 7th Oct. 2009 .In response, the assessee replied vide their letter dated 13th Oct. 2009 that return already filed on 18th July 2006 may be treated as return in response to notice u/s 153 C of the Act. During the course of assessment proceedings, the Assessing Officer (AO in short) referred the valuation of following premises to DVO u/s 142 A of the Act :- i. Office Premises no. 101, Kaivana Building Malkans, Near Polytechnic Ahmedabad.; ii. Office Premises no. 102, Kaivana Building, Malkans, Near Polytechnic, Ahmedabad; and iii. Commercial Property at Chowranghee, Kolkata.

Citation :
DCIT,Central Circle-20 , Room no. 333,E-2,ARA Centre, Jhandewalan Extension New Delhi (Appellant) V/s. Mr. Abhinav Kumar Mittal V-287, Rajouri Garden New Delhi [PAN: AAAAH2567C] (Respondent)