- (1.) WE have heard Shri Dhananjai Awasthi appearing for the Income Tax department. Shri S.K. Garg, Shri Ashish Bansal and Shri Krishna Agarwal appear for the respondent assessee.
(2.) THE Income Tax Appeals referred to as above arise out of a judgment and order dated 30.6.2004 passed by the Income Tax Appellate Tribunal for the assessment years 1990 91 to 1998 99. The Income Tax Appeal No.80 of 2005 was admitted on the questions of law as follows: "1. Whether on the facts and in the circumstances of the case, the Tribunal is justified in holding that there was no material on record for the Assessing Authority to initiate the proceedings under Section 147/148 of the Income Tax Act, 1961? 2.Whether on the facts and in the circumstances of the case, the Tribunal is justified in holding that in the absence of any proceedings pending under the Income Tax Act, 1961, no reference under Section 131 (1) (d) could be made to the D.V.O? 3. Whether on the facts and in the circumstances of the case, the Tribunal's order is not bad in law in view of the new provisions of Section 142 A introduced retrospectively w.e.f. 15.11.72 in the Income Tax Act by the Finance Act, 2004 which empowers the A.O to require the Valuation Officer to make an estimate of value of movable/immovable property? The connected appeals were admitted on the questions of law as follows: "1. Whether on the facts and in the circumstances of the case, the Tribunal is justified in holding that there was no material on record for the Assessing Authority to initiate the proceedings under Section 147/148 of the Income Tax Act, 1961? 2. Whether on the facts and in the circumstances of the case, the Tribunal is justified in holding that the report of the D.V.O u/s 131 of the Act could not be used for the purpose of initiating proceedings u/s 147/148 of the Act and thereby quashing the re assessment order? 3.Whether on the facts and in the circumstances of the case, the Tribunal is justified in holding that in the absence of any proceedings pending under the Income Tax Act, 1961, no reference under Section 131 (1) (d) could be made to the D.V.O? 4. Whether on the facts and in the circumstances of the case, the Tribunal is justified in holding that the reference made by DVO by Assessing Officer in the assessment proceedings is beyond the power of the Assessing Officer in view of the judgment of Hon'ble Supreme Court in the case of Amiya Bala Paul reported in 262 ITR 407? 3.Whether on the facts and in the circumstances of the case, the Tribunal's order is not bad in law in view of the new provisions of Section 142 A introduced retrospectively w.e.f. 15.11.1972 in the Income Tax Act by the Finance Act, 2004 which empowers the A.O to require the Valuation Officer to make an estimate of value of movable/immovable property?
(3.) BRIEF facts giving rise to these Income Tax Appeals are that the assessee AOP had been constructing a multi storeyed commercial complex known as "Baldeva Plaza" in which substantial investment was made. The assessee did not file returns for the assessment years 1990 91 to 1996 97.;