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2017 (3) TMI 91 - HC - Income TaxEstimation of value of assets by the Valuation Officer - whether the opportunity, statutory in nature as contemplated under sub-section (4), was granted to the petitioner? - Held that:- On a perusal of the objection filed by the petitioner, we find that it is a four page objection bearing the signature of the petitioner and it is not known as to how and in what manner, and to whom it was submitted. In the first page in the left hand corner, the name in Hindi alongwith date 4.1.2017 is mentioned. However, there is no stamp of the Income Tax Department nor is there any proof of service of this letter on the Assistant Valuation Officer. We find that under sub-section (7) of Section 142A, when the Assessing Officer receives the Report, the Assessing Officer before taking cognizance of the report and acting on it, is again required to give an opportunity of hearing to the assessee and, therefore, if the petitioner has any objection to the Valuation Report, he can again raise an objection to the Valuation Report before the Assessing Officer under the provisions of sub-section (7) of Section 142A and, therefore, when such a statutory remedy is available to the petitioner to raise objections to the Valuation Report, in the facts and circumstances of the case when there is serious dispute as to whether opportunity was granted to the petitioner or not, we see no reason to make any indulgence in the matter. Petitioner may raise the objections before the Assessing Officer, when the Assessing Officer proceeds with the assessment proceedings after taking note of the Valuation Report.
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