( 1 ) THE petitioner, in this case, has challenged a proceeding arising out of a reference under Section 55a of the I. T. Act. The above reference was made by the ITO for valuation of a property sold by the petitioner resulting in loss which was incorporated in the income-tax return filed by the petitioner. Before such sale, the petitioner got the property valued through its own valuer. The reference was made on or about December 12, 1975, when the assessment was still pending. Prior to receipt of the valuation report, however, the assessment was completed by the ITO.

( 2 ) THE main point that has been urged on behalf of the petitioner is that the valuation proceeding has become infructuous in view of the completion of the assessment (before receipt of report) and, as such, is liable to be quashed.

( 3 ) DR. Debi Prasad Pal, appearing on behalf of the petitioner, has drawn my attention to the terms of Section 55a of the I. T. Act. He has argued that, in the first place, before referring any particular case for valuation, the ITO has to form an opinion that one of the circumstances as mentioned in Section 55a of the I. T. Act exists and (a reference) should be made.