S. 50C Addition without reference to Valuation Officer not justified

Jayashree Kothari Vs ITO (ITAT Hyderabad) Sec. 50C(2) enables the Assessing Officer to make a reference to the Valuation Officer. Whenever a reference is made by the AO to the Valuation Officer, such reference has to be construed as a reference made under sec. 16A(1) of the Wealth-tax Act. We have also carefully gone through the provisions of sec. 16A(1) of the wealth-tax Act, which provides the circumstances under which a property has to be referred to the Valuation Officer. Sub-sec. (2) and other provisions of sec. 16A provide the manner in which the property has to be valued. When a referen...