(Per : HONOURABLE MR.JUSTICE V. M. SAHAI)
1. We have heard Ms. Mauna Bhatt, learned counsel for the appellant.
2. Admit.
4. We formulate the following substantial questions of law arise in these tax appeals.
"[A] Whether the Appellate Tribunal is right in law and on facts in holding that reference u/s 142A of the Act is invalid as the reference was made when no proceedings are pending, ignoring that proceedings u/s 153C of the Act was initiated in this case for A. Y. 2000-01 to 2005-06 and the reference was made for A.Y.2005-06 & 2006-07 on an ongoing project, relevant to A.Y.2005-06 & 2006-07?"
[B] Whether the Appellate Tribunal is right in law and on facts in holding the reference u/s.142A as invalid relying upon the judgment of Hon'ble Guj High Court in the case of Umiya Co-op Hsg Soc Ltd, ignoring that the facts of that case is quite distinguishable from the facts of this case, as in the instant case, the reference was made while the proceedings under the Act are pending for A.Y. 2005-06 and the reference was made for both A.Y. 2005-06 and 2006-07 as the cost of construction referred is on an ongoing project spreading in to two A. Ys.?
[C] Whether the Appellate Tribunal is right in law and on facts in holding that reference made u/s 142A of the Act r.w.s. 69C of the Act is not justified relying upon the judgment of Hon'ble High Court of Punjab & Haryana in the case of AAR PEE Apartments (P) Ltd. ignoring that on identical issue in the case of CIT v. Meerut Cement Co. (P) Ltd. (2006) 150 Taxman 7(All) of Punjab & Haryana High Court, wherein the Hon'ble High Court has laid no ban in referring for valuation of construction cost in case the Assessing Officer has any doubt about the correctness of construction account?"
5. Paper-book be ready within three months.
[V.
M. SAHAI, J.] [N.
V. ANJARIA, J.] Amit Top