2006 (2) TMI 658

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....) on 7th Feb., 2001 to estimate the cost of construction of properties constructed by the assessee named as Golf Link Apartments, Park Road, Lucknow and Coronation Farms at Kursi Road, Lucknow. The DVO has submitted his report on 26th Feb., 2002, estimating the cost of construction at ₹ 7,67,47,000 as against the cost of ₹ 5,77,02,689 disclosed by the assessee. The difference of the cost amounting to ₹ 30,55,436 was added by the AO but, the addition was deleted by the CIT(A), on appeal being preferred by the assessee. The CIT(A) came to the conclusion that the AO was having no jurisdiction to refer the matter to the Valuation Officer for valuing the property. The appellant went in appeal before the Tribunal and the Tribun....

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....nce, have all the powers that he has under s. 38A of the WT Act, 1957 (27 of 1957). (3) On receipt of the report from the Valuation Officer, the AO 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 s. 153A." 4. A bare perusal of the aforesaid section reveals that AO, for the purposes of making an assessment or reassessment under this ....