2006 (7) TMI 657

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....re that the assessee filed return for the assessment 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]....

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.... section 69 or section 69B or the value of any bullion, jewellery 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....

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.... the Tribunal cannot be said to be bad in law nor it can be said that it suffers from any such error which raises any substantial question of law. If the Income-tax Appellate Tribunal while considering the appeals has correctly stated the facts and has rightly applied the law as was applicable on the date of consideration of the appeals, the same cannot be said to be faulty on any ground, which was not available to the Tribunal on the date of decision. 9. The order passed by the Income-tax Appellate Tribunal cannot be said to be erroneous also on the ground that on the date when the appeals under section 260A of the Income-tax Act are being decided some other view could be taken, if these appeals are taken as continuance of the assessmen....