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2016 (12) TMI 1485 - HC - Income TaxValidity of reopening of assessment - report of the valuation officer relied upon - applying the amendment under Section 142A retrospectively - Held that:- This Court finds adequate reasons to accept the submissions of Sri Biswas that at each of the above noted stages from the ITO to the ITAT, the legal position was uniformly ratified that assessment could not be opened on the basis of a reference and subsequent report of the valuation officer. This Court also concurs with the stand taken by the writ petitioner that the procedure for reopening of assessment on the basis of a valuation report by the valuation officer can be applied only in terms of the amendment to Section 142A of the IT Act which was introduced by the Finance Act of 2004, retrospectively. Therefore, at the relevant point of time when the impugned notices under Section 148 were issued against the writ petitioner in respect of the assessment years 1999-2000 and 2000-2001, only the un-amended Section 142A of the IT Act applied. The unamended Section 142A ought to be read in conjunction with the law applicable at the relevant point of time In Re: Amiya Bala Paul (2003 (7) TMI 4 - SUPREME Court ). This Court must also concur with the stand taken by the writ petitioner that since the assessment year 1999-2000 and 2000-2001 became final prior to 30th September, 2004, i.e. the introduction of the amended Section 142A, the respondent No.1/ITO could not have reopened the issue in February, 2005 by then applying the amendment under Section 142A retrospectively. - Decided in favour of assessee
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