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of <h1>Finance Bill 2010 amends Income-tax Act Section 142A, expanding Assessing Officer's valuation powers from July 1, 2010.</h1> Clause 33 of the Finance Bill, 2010, proposes an amendment to section 142A of the Income-tax Act, effective from July 1, 2010. The amendment allows the Assessing Officer to refer to the Valuation Officer not only for estimating the value of investments under sections 69 or 69B or valuables under sections 69A or 69B but also to estimate the fair market value of any property as per sub-section (2) of section 56. This change broadens the scope of valuation to include fair market value assessments for certain properties.
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