TMI Blog2010 (5) TMI 571X X X X Extracts X X X X X X X X Extracts X X X X ..... RU, JJ. R.S. Agrawal for the Petitioner. Shambhu Chopra for the Respondent. JUDGMENT 1. By means of the present writ petition, the petitioner is challenging the notice dated 24-3-1992 issued under section 148 of the Income-tax Act, 1961 (hereinafter referred to as the "Act") for the assessment year 1983-84. 2. The petitioner is a partnership firm and was running a cinema hall in the name of Bhagwati Talkies, Kaimganj, district Farrukhabad. For the assessment year 1983-84, relevant to the accounting period from 1-6-1979 to 30-9-1981, the petitioner has been assessed to tax by the assessment order dated 5-1-1984. It appears that during the year under consideration, the petitioner made construction in which Rs. 5,61,008 was d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lf of the respondent. 3. Learned counsel for the petitioner submitted that the initation of proceedings on the basis of the Departmental Valuation Officer's report is wholly illegal, inasmuch as the assessing authority has no jurisdiction to refer the matter to the Departmental Valuation Officer for the determination of the cost of construction. The assessing authority had only jurisdiction to refer the matter to the Departmental Valuation Officer to determine the value for the purpose of capital gain under section 55A of the Act. He placed reliance on the decision of the Apex Court in the case of Smt. Amiya Bala Paul v. CIT [2003] 262 ITR 407/130 Taxman 511. He further submitted that the Proviso to section 142A of the Act, which contempl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the purposes of making an assessment or reassessment under this Act, where an estimate of the value of any investment referred to in section 69 or section 69B or the value of any bullion, jewellery or other valuable article referred to in section 69A or section 69B is required to be made, the Assessing Officer may require the Valuation Officer to make an estimate of such value and report the same to him. (2) The Valuation Officer to whom a reference is made under sub-section (1) shall, for the purposes of dealing with such reference, have all the powers that he has under section 38A of the Wealth-tax Act, 1957 (27 of 1957). (3) On receipt of the report from the Valuation Officer, the Assessing Officer may, after giving the assessee an ..... X X X X Extracts X X X X X X X X Extracts X X X X
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