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Can Assessment Be Reopened Or Rectified On The Basis Of Valuation Report Of DVO?

QUERY: Can an assessment be made subject to receipt of the report of the DVO? If Yes, whether recourse has to be taken of section 154 or 148 or section 263?
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The Calcutta High Court in Saharanpur Light Railway Co. Ltd. vs. CIT [208 ITR 882] has observed that the Assessing Officer loses his power in the matter of valuation only when the Valuation Officer makes a report, the power of valuation has to revert to the Assessing Officer, unless the Valuation Officer sends his report, there is no bar on the Assessing Officer’s

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