Asset valuation can be ordered by tax authorities and used to compute tax bases after a formal valuation report. Assessing Officers may require a Valuation Officer to estimate the value, including fair market value, of any asset, property, investment or expenditure. The Valuation Officer may enter and inspect premises, inspect assets and relevant books or records, gather information, and must make a written estimate after considering assessee evidence and giving an opportunity to be heard; if the assessee does not cooperate he may estimate to the best of his judgment. The estimate must be furnished to the Assessing Officer and the assessee within six months, and the Assessing Officer may compute tax bases using that value.
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.
Provisions expressly mentioned in the judgment/order text.
Asset valuation can be ordered by tax authorities and used to compute tax bases after a formal valuation report.
Assessing Officers may require a Valuation Officer to estimate the value, including fair market value, of any asset, property, investment or expenditure. The Valuation Officer may enter and inspect premises, inspect assets and relevant books or records, gather information, and must make a written estimate after considering assessee evidence and giving an opportunity to be heard; if the assessee does not cooperate he may estimate to the best of his judgment. The estimate must be furnished to the Assessing Officer and the assessee within six months, and the Assessing Officer may compute tax bases using that value.
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