K.S. Jhaveri, J.

1. By way of this appeal under section 260A of the Income-tax Act, 1961, the appellant-assessee has challenged the order of the Income-tax Appellate Tribunal (hereinafter referred to as "the Tribunal") whereby the Tribunal has dismissed the appeal preferred by the assessee by confirming the orders passed by the Assessing Officer and the Commissioner of Income-tax (Appeals).

2. This court, while admitting the appeal, has framed the following substantial questions of law:

"1. Whether, in the facts and circumstances of the case, Income-tax Appellate Tribunal has erred in law by not appreciating the contention that the action of assessing officer referring the matter to the Valuation Officer under section 55A of the Act is illegal?

2. Whether, in the facts and circumstances of the case, Income-tax Appellate Tribunal has erred in upholding the order of CIT(A) directing Assessing Officer to recalculate capital gain by increasing cost of acquisition as on 1.4.1981 as per the valuation report of Asst. Valuation Officer (i.e. Rs. 1,68,468/- and Rs. 1,98,428/-) b