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1 - 10 of 12 (0.36 seconds)Section 131 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 5 in The Income Tax Act, 1961 [Entire Act]
Section 69B in The Income Tax Act, 1961 [Entire Act]
The Wealth-Tax Act, 1957
Section 69 in The Income Tax Act, 1961 [Entire Act]
Commissioner Of Income-Tax vs S.M. Oil Extraction Pvt. Ltd. on 30 October, 1990
7. Now the question remains that when the valuation report was received subsequent to the assessment order was passed, whether such a report can form part of basis of the reversionary order passed by the CIT and whether any reversionary order passed on the basis of it, can be valid. The learned Departmental Representative relied upon the latest Calcutta High Court decision in CIT v. S.M. Oil Extraction (P.) Ltd. [1991] 190 ITR 404. In the facts of that case also the Commission sought to base his reversionary order on the valuation report received subsequent to the passing of the assessment order. The question ultimately came up before the Calcutta High Court was, whether such a reversionary order is valid. Upholding the validity of the said reversionary order, the Calcutta High Court held the following :