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of <h1>Clause 159: Direct Taxes Code Bill 2009 details asset valuation for tax assessments, involving Assessing and Valuation Officers.</h1> Clause 159 of the Direct Taxes Code Bill, 2009 outlines the procedure for determining the value of assets for tax assessment purposes. The Assessing Officer can request a Valuation Officer to estimate the value of assets, investments, or expenditures. The Valuation Officer is empowered to inspect properties, assets, and relevant documents, and gather necessary information. An estimate is made based on evidence provided by the assessee and other available material. If the assessee is uncooperative, the Valuation Officer may use his judgment to estimate the value. The estimate is then shared with both the Assessing Officer and the assessee, guiding the computation of the tax bases.
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