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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 ..... er on 30.6.2004 – Therefore, in the present case assessing officer has no power to refer to the Valuation Officer – Reliance has been placed upon the judgment in the case of Commissioner of Income Tax V. Gulam Mohammad [2009 (8) TMI 635 - ALLAHABAD HIGH COURT] – Decided against the Revenue. - Income Tax Appeal No. - 165 of 2004 - - - Dated:- 28-2-2012 - Hon'ble R.K. Agrawal And Hon'ble B. Amit Sthalekar,JJ. For the Petitioner : A. N. Mahajan, Ashok Kumar, Bharatji Agarwal, D. Awasthi,G. Krishna, R. K. Upadhyaya, S. Chopra For the Respondent : R. R. Agarwal, R. R. Agarwal, Suyash Agrawal ORDER The present appeal has been filed under section 260-A of the Income Tax Act, 1961 (hereinafter referred to as the Act) against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessment year in question. The valuation of the house was referred to the Valuation Officer under section 131(1)(d) of the Act vide report dated 8.9.2000. The Valuation Officer determined the investment made by the assessee in the construction of the residential house during the relevant financial previous year to be at Rs. 12,99,000/-. After seeking an explanation the unexplained difference was worked out at Rs. 2,17,881 which was added under section 69 of the Act. Feeling aggrieved the assessee preferred an appeal before the Commissioner of Income Tax, Appeals who vide order dated 22.11.2001 had partly allowed the appeal. He granted some relief regarding the estimate of valuation made in the construction of the property. Still feelin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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 (or fair market value of any property referred to in sub-section (2) of section 56) 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 op ..... X X X X Extracts X X X X X X X X Extracts X X X X
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