Law:

Section:

Section 55A of the Income-tax Act, 1961 - Capital gains - Reference to Valuation Officer - Assessment Years 1982-83 and 1983-84 - Whether a Valuation Officer appointed under Wealth-tax Act can neither be called upon nor he would have jurisdiction to give a report either to Assessing Officer under Income-tax Act except when a reference is made under and in terms of section 55A, or to a competent authority except under section 269L - Held, yes - In income-tax returns, assessee disclosed certain amounts which she had invested in construction of a house - These were not accepted by Assessing Officer, who referred question of construction cost of house to Valuation Officer under section 55A - On basis of report submitted by Valuation Officer Assessing Officer reopened assessment and made addition of excess amount as undisclosed income - Whether Assessing Officer could refer matter to Valuation Officer for estimating cost of construction - Held, no Section 131, read with sections 133 & 142, the Income-tax Act, 1961 - Income-tax Authorities - Powers regarding discovery, production of evidence, etc. - Whether power of Assessing Officer under sections 131(1) and 133(6) is distinct from and does not include the power to refer a matter to the Valuation Officer under section 55A, nor does section 142(2) allow him to do so - Held, yes - Whether a report by Valuation Officer under section 55A cannot be the result of an inquiry by the Assessing Officer under provisions of section 133(6) or section 142(2) - Held, yes - Whether power of inquiry granted to an Assessing Officer under sections 133(6) and 142(2) does not include power to refer matter to Valuation Officer for an enquiry by him - Held, yes Words and phrases - 'Valuation Officer' as defined in section 2(r) of the Wealth-tax Act, 1957 FACTS The assessee built a house. She filed a return in which she disclosed that she had invested certain amount in the construction of the house. That was not accepted by the Assessing Officer who referred the question of the construction cost of the house to the Valuation Officer under section 55A. The Valuation Officer submitted a report to the Assessing Officer. On the basis of…

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