2004 (3) TMI 39

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....come-tax matters, the facts are mostly not in dispute and hence the courts are only concerned with the applicability of legal questions arising out of the controversy. It is not in dispute that the assessments of the years in question, referred to supra, are complete and the orders have also been passed-the last being made on March 31, 2001, by the Assessing Officer. It appears that on January 25, 2002, the Assessing Officer who had made the aforementioned assessment received the report of the Valuation Officer in respect of the valuation of the petitioner's house in question. It is on the strength of this valuation report, the Assessing Officer found that the petitioner had shown less investment in the construction of the house in the a....

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....aluation report of the Valuation Officer-statutory authority appointed under section 2(2) of the Wealth-tax Act. Their Lordships after examining the scheme of the Income-tax Act and the Wealth-tax Act, inter alia, held that: "Besides section 55A having expressly set out the circumstances under and the purposes for which a reference could be made to a Valuation Officer, there is no question of the Assessing Officer invoking the general powers of enquiry to make a reference in different circumstances and for other purposes,. It is noteworthy a that section 55A was introduced in the Act by the Taxation Laws (Amendment) Act, 1972, when sections 131(1), 133(6) and 142(2) were already on the statute book. Learned counsel for the appellant has ....