9911796707
TMI Blog2013 (12) TMI 1254X X X X Extracts X X X X X X X X Extracts X X X X ..... s and circumstances of the case, the Assessing Officer was under obligation to make reference under Section 55A of the Income Tax Act and its failure to do the same vitiates his order and that of the order of the Commissioner of Income Tax (Appeals and the Tribunal ?" In the facts and circumstances of the case, the Assessing Authority was under obligation to make a reference under Section 55-A of the Income Tax Act and on its failure to do the same vitiates the impugned order and that of the order of the Income Tax Appellate Tribunal ? The controversy relates to the assessment year 1995-96 for valuation of the land of plot no. C-19, Industrial Area, Amausi. The said plot of the land was given on lease to the assessee by UPSIDC for 90 year ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/-. However, the report of the registered valuer could not find favour by the assessing authority keeping in view the letter sent by UPSIDC quoting the rate of the plot in question. A request by the assessee for reference to the valuation officer to reassess the amount, was turned down by the assessing authority. The Tribunal while considering the factual matrix of the case re-affirmed the orders passed by two authorities on the ground that the letter sent by UPSIDC dated 07.01.1997 quoting the cost of plot in question @ Rs. 9.75 per square yard, was relied upon by the assessing authority to decide the valuation of the plot in question. The tribunal observed that the finding recorded by Commissioner Income Tax (appeal) in confirming the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ces it is necessary so to do, and where any such reference is made, the provisions of sub-section (2), (3), (4), (5) and (6) of section 16A, clauses (ha) and (i) of sub-section (1) and sub-sections(3A) and (4) of section 23, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the [Assessing] Officer under sub-section (1) of section 16A of the Act. 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).]" After going through the aforesaid provisions the Tribunal noted tha ..... X X X X Extracts X X X X X X X X Extracts X X X X
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