2013 (10) TMI 366

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....of law: "Whether on the facts and in the circumstances of the case, the Tribunal was justified in holding that the reference made to DVO by Assessing Officer in the assessment proceedings is beyond the power of the Assessing Officer in view of the judgment of Hon'ble Supreme Court in the case of Amiya Bala Paul reported in 262 ITR 407? Whether on the facts and in the circumstances of the case the Tribunal order is not bad in law in view of the new provisions of Section 142-A introduced retrospectively w.e.f. 15.11.1972 in the Income Tax Act by the Finance Act 2004 which empowers the A.O. to require the Valuation Officer to make an estimate of value of movable/immovable property?" The appeal relates to the assessment year 1988-89. Briefly....

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....ing the decision of Hon'ble Supreme Court in the case of Smt. Amiya Bala Paul Vs. CIT 262 ITR 407 and had held that the Assessing Officer had no jurisdiction to call for a report of the Valuation Officer while making assessment. We have heard Shri Ashok Kumar, learned Senior Standing Counsel appearing for the Revenue and Shri Suyash Agarwal, learned counsel appearing for the respondent-assessee. Learned counsel for the Revenue submitted that section 142 A was insterted by the Parliament by Finance (No. 2) of the Act 2004 with effect from 15.11.1972 and therefore, the order of the Tribunal holding that the Assessing Officer had no jurisdiction to refer the matter to the Valuation Officer is liable to be set aside. We may mention here that ....