Law:

Section:

Assessing Officer has no jurisdiction to reopen concluded assessment on strength of valuation report obtained subsequently without exercising powers under section 55A Section 148, read with section 55A, of the Income-tax Act, 1961 - Income escaping assessment - Non-disclosure of primary facts - Assessment years 1997-1998 to 2000-2001 - Whether Assessing Officer has no jurisdiction to reopen concluded assessment under section 148 on strength of valuation report obtained subsequently without exercising powers conferred under section 55A - Held, yes FACTS The Assessing Officer, after completing the petitioner's assessment for the relevant assessment years, received the report of the Valuation Officer in respect of the petitioner's house and on the basis of said report found that the petitioner had shown less investment in the construction of the house in the relevant assessment years whereas the valuation report indicated higher investment. Accordingly, he issued notices to the petitioner under section 148 for re-opening the concluded assessments. On writ petition : HELD The Assessing Officer has no jurisdiction to take recourse to the provisions of sections 131(1), 133(2) for obtaining any report of Valuation Officer except in a case of reference made to Valuation Officer under section 55A and that too in respect of the cases enumerated therein for making a reference. [Para 6] When the assessment proceedings in respect of the assessment years in question had already been completed, then in such event, the Assessing Officer had no jurisdiction to place reliance on the valuation report of the Valuation Officer obtained subsequently and that too not obtained in exercise of powers conferred under section 55A. In other words, the Assessing Officer had no jurisdiction to re-open the concluded assessment under section 148 on the strength of such valuation report, obtained after one year from the date of conclusion of assessments. [Para 7] Therefore, the petition succeeded and was allowed. [Para 8] CASE REVIEW Smt. Amiya Bala Paul v. CIT [2003] 262 ITR 407 (SC) followed and relied upon. CASES REFERRED TO Amiya Bala Paul v. CIT [2003] 130 Taxman 511 (SC) (para 5), Hazi…

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