Pursuant to search, DDIT (Investigation) made a reference to DVO on 11-7-2014 in respect of valuation of immovable properties held by assessee. On the basis of valuation report the Assessing Officer initiated the proceedings under section 153A of the Act. The Tribunal held that DDIT (Inv)/ADIT (Inv) was empowered to make reference to Valuation Officer inserted by section 132(9D) only after 1-4-2017 by an amendment by Finance Act, 2017. Reference to valuation Officer was held to be not valid. Tribunal also held that valuation report cannot be considered as incriminating document. (AY. 2008-09 to 2013-14)
ACIT v. Narula Educational Trust. (2021) 189 ITD 31 / 86 ITR 365 / 211 TTJ 39 / 205 DTR 95 (Kol.)(Trib.)
S. 142A : Estimate of value of assets by Valuation Officer-Search and seizure-DDIT (Inv)/ADIT (Inv) was empowered to make reference to Valuation Officer inserted by section 132(9D) only after 1-4-2017 by an amendment by Finance Act, 2017-Addition made on the basis of valuation report was held to be not valid-Valuation report cannot be considered as incriminating document. [S. 132(9D), 153A]