TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Assessing Officers can refer asset valuation to Valuation Officers under Section 142A for fair market value determination</h1> Section 142A of the Income Tax Act, 1961 empowers Assessing Officers to refer asset valuation matters to Valuation Officers during assessment or reassessment proceedings. The Valuation Officer must estimate fair market value of assets, property or investments after considering evidence from the assessee and providing opportunity of hearing. If the assessee fails to cooperate, valuation may proceed based on best judgment. The Valuation Officer possesses powers equivalent to those under the Wealth-tax Act and must submit reports within six months. The Assessing Officer may incorporate these valuation reports into final assessments after giving the assessee opportunity to be heard.
TaxTMI 
TaxTMI 
