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of <h1>Finance Act 1964 amends Income-tax Act: New section 254(1A) details arbitration for capital asset valuation disputes.</h1> The Finance Act, 1964 amends section 254 of the Income-tax Act, introducing a new sub-section (1A) that allows appellants to dispute the fair market value of a capital asset under section 52. The Appellate Tribunal can refer this valuation dispute to two arbitrators, one nominated by each party. If a party fails to nominate, the Tribunal appoints a valuer. In case of disagreement between valuers, a third valuer is appointed. Valuers must decide within six months, and the Tribunal may proceed based on available evidence if delayed. Arbitration costs are at the Tribunal's discretion, and valuers have Civil Court powers. The Arbitration Act, 1940 does not apply.
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