2006 (7) TMI 657

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....essment year, i.e., for four years namely; 1993-94, 1994-95, 1995-96 and 1996-97. In the assessment proceedings for the year 1998-99, her case was taken up for scrutiny under section 143(3) of the Income-tax Act where the Assessing Officer referred the matter to the District Valuation Officer for assessing the cost of the construction. On the cost/value determined by the District Valuation Officer, the Assessing Officer proceeded to make the assessment. Separate appeals were filed with respect to separate assessment years, whereas the present appeals are filed for the assessment year 1998-99. 4. The appellate authority relying upon the judgment in the case of Smt. Amiya Bala Paul v. CIT [2003] 262 ITR 407 of the Apex Court and also relying....

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....wellery or other valuable article referred to in section 69A or section 69B is required to be made, the Assessing Officer may require the Valuation Officer to make an estimate of such value and report the same to him. (2) The Valuation Officer to whom a reference is made under sub-section (1) shall, for the purposes of dealing with such reference, have all the powers that he has under section 38A of the Wealth-tax Act, 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 b....