9911796707
TMI Blog2006 (2) TMI 658X X X X Extracts X X X X X X X X Extracts X X X X ..... O) 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 Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence, 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied upon the judgment of the apex Court in the case of Smt. Amiya Bala Paul (supra) but failed to consider the merit and impact of the provisions of s. 142A, which was inserted with retrospective effect by Finance (No. 2) Act, 2004. 6. For the reasons stated above, the order passed by the Tribunal cannot be sustained as the appeal is required to be reconsidered by the Tribunal keeping in mind the provisions of s. 142A of the Act as well as the ratio laid down by the apex Court in the case of Smt. Amiya Bala Paul (supra). 7. We, therefore, allow the appeal and set aside the order dt. 9th Aug., 2005 passed by the Tribunal and remand the matter to the Tribunal for deciding afresh in accordance with law after affording opportunity of hearing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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