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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.
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Provisions expressly mentioned in the judgment/order text.
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.
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