Valuation Officer reference now covers fair market value of transferred property for income tax assessment purposes. Amendment expands the Assessing Officer's power under section 142A(1) to require the Valuation Officer to estimate and report the fair market value of ... Summary
Valuation Officer reference now covers fair market value of transferred property for income tax assessment purposes.
Amendment expands the Assessing Officer's power under section 142A(1) to require the Valuation Officer to estimate and report the fair market value of property received (in addition to investments, bullion, jewellery and similar articles) for the purpose of making an assessment or reassessment under the Income tax Act.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.