TMI Blog2014 (12) TMI 1021X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax, [2003 (7) TMI 4 - SUPREME Court] wherein it has been held that besides S.55A having expressly set out the circumstances under and the purposes for which a reference could be made to a Valuation Officer, there is no question of the AO invoking the general powers of enquiry to make a reference in different circumstances and for other purposes – thus, the provisions of Section 55A would a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uilding along with furniture and fixtures and claimed to have received sale consideration of ₹ 33,00,000/- as per the sale deed. 3. The assessee filed the return of income on 31.08.1997 declaring total income at ₹ 8,200/-. Assessment scrutiny was undertaken and ultimately, the Assessing Officer passed the order u/s.143(3) dated 27.03.2000 by which the total income under the head of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons of Section 55A of the Income Tax Act, 1961 would apply only to computation of income under the head Capital Gains? 5. We have heard learned counsel for both the sides. The question raised in this appeal is already answered in the decision of the Apex Court in the case of Smt. Amiya Bala Paul v. Commissioner of Income Tax, [2003] 262 ITR 407 (SC) wherein, the Apex Court made the following o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nquiry to make a reference in different circumstances and for other purposes. [See Padam Sen v. State of UP, AIR 1961 SC 218, para 8; Arjun Singh v. Mohindra Kumar, AIR 1964 SC 993 (para 19). It is noteworthy that S.55A was introduced in the Act by the Taxation Laws (Amendment) Act, 1972, when S.131(1), 133(6) and 142(2) were already on the statute book. Learned counsel for the appellant has corre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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