HIGH COURT OF DELHI
Commissioner of Income-tax
Versus
Abhinav Kumar Mittal
IT APPEAL NO. 42 OF 2013
JANUARY 23, 2013
JUDGMENT
Badar Durrez Ahmed, J.
This appeal has been filed by the revenue against the order dated 29.06.2012 passed by the Income Tax Appellate Tribunal in ITA 4460/Del/2010 pertaining to the assessment year 2006-07.
2. The facts are that the respondent/ assessee had filed a return declaring an income of Rs. 39,90,410/- on 18.07.2006. Subsequently, a search was conducted under Section 132 of the Income Tax Act, 1961 (hereinafter referred to as ‘the said Act’) on 26.04.2007 as also a survey operation under Section 133A in the premises of A.K. Capital Services Limited and its group companies as also in the premises of the Directors of those companies and their relatives. Thereafter, a notice under Section 153C of the said Act was issued on 07.10.2009. A response was issued by the assessee by their letter dated 13.10.2009 and the return already filed on 18.07.2006 was requested to be treated as the return in response to the said notice under Section 153C.
3. The Assessing Officer, in the course of the assessment proceedings, considered the valuation of three properties which had been purchased by the assessee in the relevant year. The three properties included two office premises at Ahmedabad and one commercial property at Kolkata. The Assessing Officer referred the question of valuation of the said properties to the District Valuation Officer (DVO). The DVO submitted his report on 14.12.2009 in respect of the Ahmedabad properties and on 24.12.2009 in respect on the Kolkata property. As per the said report, the DVO has valued the said properties as under:-
