RINMAT REGIONAL MANAGEMENT & TECHNICAL LITERARY SOCIETY Vs. VALUATION OFFICER INCOME TAX OFFICE AND ORS.

JUDGEMENT

(1.) THE petitioner before this Court Rinmat Regional Management & Technical Literary Society, Allahabad has filed this writ petition for quashing of the notice issued by Valuation Officer, Income Tax Office, Allahabad dated 17.2.2010 (Annexure No. 6 to the writ petition) wherein the petitioner has been afforded one last opportunity for submission of the documents in DVO's Office, Kanpur latest by the date of inspection i.e. 3.3.2010.

(2.) THIS notice is sought to be challenged on the ground that the assessment proceeding of the relevant year i.e. 2005 -06 has already been completed under an order of the assessing authority dated 28.12.2007, and therefore, the notice is bad in view of the law laid down by the Division Bench judgment of the Bombay High Court in the case of Rallis India Ltd. v. Deputy Commissioner of Income Tax and others, : (2006) 284 ITR 159 (Bom) wherein the Bombay High Court has observed that although Section 55A does not prohibit the ascertainment of the fair market value of the capital asset of the assessee for the purposes of capital gains after the assessment order has been passed by the Assessing Authority but such prohibition necessarily follows, inasmuch as, the valuation officer's report is obtained for the purposes of completion of the assessment and nothing beyond it.

(3.) FROM the assessment order of the year 2005 -06 dated 28.12.2007 copy whereof is annexed as Annexure SA -1 to the supplementary affidavit filed on behalf of the petitioner himself we find that following note has been made in the assessment order: - -