2010 (5) TMI 571
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....the accounting period from 1-6-1979 to 30-9-1981, the petitioner has been assessed to tax by the assessment order dated 5-1-1984. It appears that during the year under consideration, the petitioner made construction in which Rs. 5,61,008 was disclosed towards investment. The proceeding under section 148 of the Act was initiated after recording the reasons on 29-4-1992. The reasons recorded are as follows : "During course of assessment proceedings for the assessment year 1988-89, the assessee made construction in the building. Consequently, the matter had been referred to Valuation Cell, Agra. In this case, search & seizure operations took place at the business premises of the assessee firm on 8th & 9th Oct., 1987. During course of search ....
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....r section 55A of the Act. He placed reliance on the decision of the Apex Court in the case of Smt. Amiya Bala Paul v. CIT [2003] 262 ITR 407/130 Taxman 511. He further submitted that the Proviso to section 142A of the Act, which contemplates the powers of the assessing authority to estimate the value of any investment referred to in section 69 of the Act is not applicable to the present case, in view of proviso to section 142A of the Act, which says that the section shall not apply in respect of the assessment made on or before 30-9-2004. 4. Learned Standing Counsel submitted that the valuation report constitute the material to initiate the proceeding under section 147 of the Act read with section 148 of the Act and, therefore, the proceed....
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....ng 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 opportunity of being heard, take into account such report in making such assessment or reassessment: Provided that nothing contained in this 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....