Mahavir Singh, Judicial Member - This appeal by assessee is arising out of the order of CIT(A)-XIX, Kolkata in Appeal No 352/CIT(A)-XIX/Addl. CIT-Range-31/Kol/08-09 dated 2/7/09. Assessment was framed by Add C.I.T., Range-31, Kolkata u/s. 143(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') for assessment years 2006-07 vide order dated 30/12/2008.

2. At the out set, it is to be narrated that Hon'ble Calcutta High Court in ITAT No.199 of 2010 (GA No.2879 of 2010) in assessee's case has formulated following substantial question of law:-

"Whether the Learned Tribunal is justified in accepting the valuation made by the assessing officer as confirmed by the Commissioner of Income Tax (Appeal) without considering the materials produced by the assessee ?"

The Hon'ble High Court has set aside this appeal to Tribunal to decide afresh after considering the material placed before it earlier, by holding as under:-

"This matter is taken up after admitting for final hearing itself. It appears from the impugned judgment and order of the Learned Tribunal that though the assessee argued with the materials, that the valuation arrived at by the assessing officer was not proper a