https://www.taxtmi.com/caselaws?id=21332 The High Court held that the Income-tax Officer had the authority to reopen assessments under section 147, but in this case, referring the valuation to the Valuation Officer under section 55A was inappropriate as there were no capital gains involved. The Valuation Officer's report was considered as evidence, not a valuation under section 55A, and the petitioner could challenge it during assessment proceedings. The Court directed the Income-tax Officer to promptly conclude the proceedings and vacated the interim order without costs. Justice R. K. PATRA concurred with this decision. en-us Thu, 24 Sep 1992 00:00:00 +0530 Sat, 21 Nov 2009 16:05:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=21332 The High Court held that the Income-tax Officer had the authority to reopen assessments under section 147, but in this case, referring the valuation to the Valuation Officer under section 55A was inappropriate as there were no capital gains involved. The Valuation Officer's report was considered as evidence, not a valuation under section 55A, and the petitioner could challenge it during assessment proceedings. The Court directed the Income-tax Officer to promptly conclude the proceedings and vacated the interim order without costs. Justice R. K. PATRA concurred with this decision. Case-Laws Income Tax Thu, 24 Sep 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=21332