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2017 (4) TMI 722 - AT - Income TaxReopening of assessment - validity and the jurisdiction of the AO to have issued notice under section 148 - Held that:- As can be seen from the objections raised by the assessee during the reassessment proceedings that there was no challenge to the validity of the notice with respect to the grounds raised in the present appeal i.e. (i) reopening on the basis of valuation report (ii) material obtained subsequent to assessment order for issuance of notice under section 148. There were no objections taken by the assessee in the reassessment proceedings on aforesaid grounds. It is settled law that if the assessee chooses not to challenge the notice issued under section 148 of the Act the same is to be treated as valid and final. The objections raised by the assessee pertain to the sufficiency of reasons for issuance of notice under section 148. The same cannot be gone into at the stage of reassessment. The judgment relied upon by the assessee is not applicable in the present case in view of the failure of the assessee to challenge the validity of the notice under section 148 - Decided against assessee Correctness of the valuation report - AR contends that the revenue was not justified to accept the value mentioned in the sale deeds relied upon by the Valuation Officer and rejecting the comparable cases given by the assessee - Held that:- The valuation report the said objections raised by the assessee have been elaborately considered and required adjustments/deductions with respect to location, shape, size and co-ownership were given to determine the net rate per sq. meter. The Ld. AR has failed to point out any specific defect in the said report. The objections are neither substantiated nor supported by evidence.- Decided against assessee
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