TMI Blog1996 (9) TMI 620X X X X Extracts X X X X X X X X Extracts X X X X ..... a Sushil Co. They further submit that the income-tax returns were submitted to the Income-tax Department as required under law. While these were pending for assessment before the assessing authority, i.e., the ITO, respondent No. 1 sent a notice to the petitioners on 5th of December, stating therein that petitioners have submitted the report of the approved valuer but not the balance sheet. Accordingly, according to the petitioners, a balance sheet was submitted to respondent No. 1. The petitioners submitted that the valuation of the property raised by the petitioners was got done by Shri C.P. Gupta, Valuer registered under No. 2846 with the Ministry of Finance. In the meanwhile, respondent No. 1 on 21-09-1994 wrote a letter to respondent N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... espondent No. 3. 4. The third case is OWP No. 884 of 1994. The petitioner in this case submits that he constructed first, second and third floors of a building in which a hotel is housed, during the period January 1990 to July 1992; and the amount spent on the construction of the building was reflected in the books of account. A certificate to this effect has been given to the petitioner by at Chartered Accountant, and the valuation of the property was got done by a valuer approved by the Ministry of Finance, Government of India. Return was filed by this petitioner-concern, which was also pending disposal before the ITO. A reference was made by the ITO to respondent No. 2 in terms of section 131(1)(d) read with section 55A to determine t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wn as Prem Hotel, Katra C/o 76- Kalijani, Jammu. It is further requested that the valuation report in the matter may kindly be sent by 30-9-1994. 3. This may please be treated as commission issued to you under the aforesaid section of the Income-tax Act, 1961. Yours faithfully, Sd/ - (B.L. DHAR) INCOME TAX OFFICER, WARD-4 JAMMU Copy forwarded to M/s Prem Hotel, Katra C/o 76-Kalijani, Jammu for information and extending assistance and cooperation in the matter. It is requested that full details with regard to the valuation of the aforesaid immovable property may please be furnished to this office within a week's time of the receipt of this information. Sd/ - (B.L. DHAR) INCOME TAX OFFICER, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... proceedings. Besides, the requirement of giving a show-cause notice, the requirement which has to be read into section 55A, the Assistant Director, Income-tax, was bound to disclose the reasons for framing the opinion that the property was overvalued so that the petitioners could meet the objection. 6 For this reason alone, I quash the impugned orders, by which reference was made to the Evaluation Officers, Income-tax Department and allow the writ petitions. However, the respondents shall be free to refer the matter to the Evaluation Officers, after giving a show-cause notice to the petitioners as to why the property in question be not reassessed while giving such notice, the respondents shall also take into consideration the final asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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