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1 - 4 of 4 (0.19 seconds)Finance (No. 2) Act, 2014
Section 69 in Finance (No. 2) Act, 2014 [Entire Act]
Amiya Bala Paul vs Commissioner Of Income Tax, Shillong on 7 July, 2003
estimate of such value and report under s. 142A(1), for the purpose
of making as assessment under Act, where an estimate of the value
of any investment referred to in s. 69A or s. 69B or the value of any
bullion, jewellery or other valuable article referred to in s. 69A or
s.69B is required to be made, the Assessing Officer may require the
Valuation Officer to make an estimate of such value and report the
same to him. Thus the power available under s. 142(1) is requiring
the Valuation Officer to value any investment or bullion, jewellery or
other valuable article referred in s.69, s 69A or s.69B of the Act,.
These powers do not extend to estimate the amount of unexplained
expenditure referred in s. 69C of the Act. Admittedly, in the present
case the expenditure on construction are claimed and allowed as
revenue expenditure and cannot be considered as an investment or
bullion, jewellery etc. referred in s. 69, s. 69A or s.69B, of the Act.
We accordingly hold that the reference to DVO is not in accordance
with the provisions of s. 142A. Hence the decision of Hon'ble
Supreme Court in the case of Smt. Amiya Bala Paul (supra) will still
apply to hold that no addition can be made merely relying upon the
value arrived at by DVO. In view of the above discussion, addition
of Rs.19,69,881 is directed to be deleted."
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