In absence of any material seized during search, Revenue cannot seek afresh examination of the valuation of the property

Court is of the opinion that there is no infirmity with the ITAT order which essentially held that the valuation by the banker, who provided credit could well be different from the valuation report for the transaction given that the assessee had purchased the property long ago. In other words, the absence of any material seized during the search proceeding could not have justified afresh examination of the valuation issue. 1. The assessee had filed its return for AY 2008-09 and inter alia reported sale of its capital asset – acquired in 1974. Although assessment was completed, further appeal...