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of <h1>Finance Bill 2012 amends Income-tax Act section 55A, expanding asset valuation criteria by Assessing Officers. Effective July 1, 2012.</h1> Clause 20 of the Finance Bill, 2012, amends section 55A of the Income-tax Act. The amendment changes the wording in clause (a) from 'is less than its fair market value' to 'is at variance with its fair market value.' This allows an Assessing Officer to refer a capital asset's valuation to a Valuation Officer if the claimed value differs from the fair market value, not just when it is less. This change is effective from July 1, 2012.
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