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TMI Blog2013 (10) TMI 366X X X X Extracts X X X X X X X X Extracts X X X X ..... of law: "Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that the reference made to DVO by Assessing Officer in the assessment proceedings is beyond the power of the Assessing Officer in view of the judgment of Hon'ble Supreme Court in the case of Amiya Bala Paul reported in 262 ITR 407? Whether on the facts and in the circumstances of the case the Tribunal order is not bad in law in view of the new provisions of Section 142-A introduced retrospectively w.e.f. 15.11.1972 in the Income Tax Act by the Finance Act 2004 which empowers the A.O. to require the Valuation Officer to make an estimate of value of movable/immovable property?" The appeal relates to the assessment year 1988-89. Briefl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wing the decision of Hon'ble Supreme Court in the case of Smt. Amiya Bala Paul Vs. CIT 262 ITR 407 and had held that the Assessing Officer had no jurisdiction to call for a report of the Valuation Officer while making assessment. We have heard Shri Ashok Kumar, learned Senior Standing Counsel appearing for the Revenue and Shri Suyash Agarwal, learned counsel appearing for the respondent-assessee. Learned counsel for the Revenue submitted that section 142 A was insterted by the Parliament by Finance (No. 2) of the Act 2004 with effect from 15.11.1972 and therefore, the order of the Tribunal holding that the Assessing Officer had no jurisdiction to refer the matter to the Valuation Officer is liable to be set aside. We may mention here that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section shall apply in respect of an assessment made on or before the 30th day of September, 2004, and where such assessment has become final and conclusive on or before that date, except in cases where a reassessment is required to be made in accordance with the provisions of section 153A. Explanation. - In this section, "Valuation Officer" has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957)." From a reading of the aforesaid provisions we are of the considered opinion that the proviso makes it abundantly clear that the provisions of Section 142A would not be applicable to the assessment made on or before 30.9.2004 and which has become final and conclusive on or before that date. In the present case ..... X X X X Extracts X X X X X X X X Extracts X X X X
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