T.a v. M/S Panchwati Builders, Ranchi

IN THE HIGH COURT OF JHARKHAND AT RANCHI T.A. No. 23 of 2006 --- Commissioner of Income Tax, Central Patna, Patna --- ---Appellant Versus M/s Panchwati Builders, Ranchi -- -- -- Respondent --- Coram: Hon'ble the Chief Justice Hon'ble Mr. Justice Aparesh Kumar Singh --- For the Appellant: Mr. Deepak Roshan, Advocates For the Respondent: M/s Binod Poddar, Sr. Advocate, Amrita Sinha, Advocate --- Order No. 08Dated 28th November 2013 --- Heard learned counsel for the appellant as well as learned senior counsel for the respondent. This appeal is admitted for hearing on the following substantial question of law. A. Whether on the facts and in the circumstances of the case the ITAT was right in relying on the judgement of the Hon'ble Apex Court decided in the case of Smt. Amiya Bala Paul vs. CIT reported in 262 ITR 407 even after insertion of Section 142A of the income Tax Act, 1961 by Finance (No. 2) Act, 2004 with retrospective effect from 15.11.72? B. Whether on the facts and in the circumstances of the case the ITAT was correct in not relying on the Valuation Report in spite of the fact that the Valuation arrived was not challenged by the assessee? (R. Banumathi, C.J.) (Aparesh Kumar Singh, J)