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2007 (8) TMI 324 - HC - Income TaxReassessment based on report of departmental valuation officer – construction of building - hold that the report of the Departmental Valuation Officer cannot be a basis for reassessment because the valuation cannot be an arithmetical appreciation of the materials used for the construction nor the expenses incurred by the assessee in that regard, as variations are bound to be there - Tribunal was right in law in holding that the reopening of the assessment is bad in law and the reopened assessment is annulled
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