[aaykarbhavan] AO can’t request for valuation report to decide if impugned sum is an unexplained investment or unexplained exp.

 

AO can't request for valuation report to decide if impugned sum is an unexplained investment or unexplained exp.

June 4, 2014[2014] 45 taxmann.com 248 (Gujarat)

IT : It is only when on basis of material available on record, Assessing Officer forms an opinion that provisions of section 69, 69A or 69B would apply to assessee's case, he can resort to section 142A for estimating value of such investment or expenditure; however, Assessing Officer cannot call for report of valuer under section 142A merely to determine whether there has been any unexplained investment or expenditure

IT : Matter can be referred to Valuation Officer under section 142A only during pendency of assessment or reassessment proceedings and not afterwards

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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