In the result, the appeal is partly allowed
Bench: Sh. Udayan Das Gupta & Sh. Nikhil Choudharya.Y. 2017-18 Om Prakash Singh, Vs. Assistant Commissioner Of 147A/2, Tagore Town, J.L.N. Income Tax, Central Circle, Road, Allahabad, U.P. Allahabad, U.P. Pan:Aiepp0574G (Appellant) (Respondent) Assessee By: Sh. Ashish Bansal, Adv Revenue By: Sh. A.K. Singh, Sr. Dr Date Of Hearing: 01.10.2024 Date Of Pronouncement: 27.12.2024 O R D E R Per Nikhil Choudhary, A.M.: This Is An Appeal Against The Order Of The Ld. Cit(A)-, Lucknow-3, Dated 11.07.2023 Passed Under Section 250 Of The Income Tax Act, 1961. The Grounds Of Appeal Preferred Are As Under:- “1. Because Proceeding Under Section 147 Of The Act By Issuance Of Notice Dated 30.03.2021 Under Section 148 On The Basis Of D.V.O. Report His Only Erroneous & Bad, Assessment Order Dated 23.03.2022 Passed In Consequence Of Said Proceeding Is Wholly Without Jurisdiction, Accordingly, The Entire Proceeding In Consequence Of Notice Dated 30.03.2021 Are Vitiated & Not Maintainable. Without Prejudice To The Aforesaid 2. Because The Addition Of Rs.9,26,796/- Made By The Ld. Assessing Officer On Account Of Alleged Difference In The Valuation Of Office Building Between The Value Appearing In The Audited Books Of Account As Compared To The Valuation Made By The D.V.O., As Also Confirm By The Id. Cit(A), Is Wholly Erroneous As The Report Of The Valuation Officer Is An Estimate & The Same
capital gains in that particular case). Therefore, it has held that there is no substance in the plea that the ld. AO could not have taken the valuation report into account. The Hon’ble Court held that what was necessary to be adjudicated, was about the existence of relevant material which formed foundation of a belief and constituted reasons