Reference to Valuation Officers when declared asset value differs by the prescribed percentage or exceeds the specified threshold. The rule prescribes that a reference to a Valuation Officer is triggered when the percentage difference between the value of the asset as returned and the ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Reference to Valuation Officers when declared asset value differs by the prescribed percentage or exceeds the specified threshold.
The rule prescribes that a reference to a Valuation Officer is triggered when the percentage difference between the value of the asset as returned and the assessed amount is 33 1/3 per cent and where the specified monetary benchmark is Rs. 50,000, establishing both a relative and absolute threshold for referral under the Wealth Tax Rules, 1957.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.