- (1.) These three appeals have been preferred by the Revenue against three different orders passed by the ITAT, Lucknow in the appeals filed by the Assessee Respondents - M/s. Lucknow Public Educational Society.
(2.) Income Tax Appeal No. 156 of 2009, which relates to Assessment Year 2002-2003, was admitted by order dated 29.03.2010 on the following substantial questions of law: 1. Whether while referring the property to valuer in pursuance to powers conferred under Section 142-A of the Income Tax Act, it shall be necessary for the assessing authority to record reason with regard to reliability of books of accounts or books of accounts should be rejected with precondition for reference to valuer. 2. Whether the word used in Sub-section (1) of Section 142-A of the Income Tax Act, i.e. 'required to be made means satisfaction to be recorded by assessing officer by assigning reason before referring a property to valuer and in the absence of any recorded satisfaction or reason', the reference to valuer shall not be sustainable?
(3.) Income Tax Appeal No. 136 of 2007, which relates to Assessment Year 2003-2004, was admitted by order dated 03.12.2007 on the following substantial question of law: The Income Tax Appellate Tribunal further erred in law in not correctly appreciating the provisions of Section 142A of the Act introduced with retrospective effect from 15.11.1972 correctly as there are no pre-conditions stipulated in this section, e.g. that Assessing Officer has to invoke provisions of Section 145 of the 'Act' for a reference to be made to the Valuation Officer.;