2008 (8) TMI 336

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....The question of law involved in this appeal is as under: "Whether the Income-tax Appellate Tribunal has erred in law in rejecting the application for rectification moved by the Revenue/appellant, of its order dated March 22, 2004, passed in I. T. A. Nos. 3299-3302/Del/2001, misinterpreting the proviso to section 142A of Income-tax Act, 1961, and by holding that assessment had become final ?" 4. Brief facts of the case are that the assessee/respondent-M/s Hotel Saklani, 17, Rajpur Road, Dehradun, was served with the notice under section 148 of the Income-tax Act, 1961 (hereinafter to be referred as "the Act") by the Assessing Officer in the year 1993. In response to the said notice, the assessee submitted its return showing his income ....

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.... 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 (27 of 1957). (3) On the 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 before the 30th day of September, 2004, an....