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2007 (5) TMI 225 - HC - Income TaxReassessment proceedings on ground that assessee has under disclosed the cost of construction - Tribunal has found that merely the Departmental Valuation Officer’s report cannot be a ground for formation of reasons to believe for the purpose of reassessment - Tribunal has also pointed out that the DVO’s report suffers from various defects & mistakes. There being no material available on record, the Tribunal cannot be said to have erred in finding reassessment proceedings to be invalid ab initio
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