Valuation referral: Income-tax Officer may refer capital asset valuation to Valuation Officer when claimed value appears understated. Section 55A authorises the Income-tax Officer to refer valuation of a capital asset to a Valuation Officer to determine fair market value where the claimed value appears understated, including where a registered valuer's estimate is relied on or where the shortfall exceeds a prescribed percentage or amount or is otherwise necessitated by the nature of the asset. Certain specified provisions of the Wealth-tax Act shall apply, with necessary modifications, to such references, and 'Valuation Officer' carries the meaning given in the Wealth-tax Act.
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.
Valuation referral: Income-tax Officer may refer capital asset valuation to Valuation Officer when claimed value appears understated.
Section 55A authorises the Income-tax Officer to refer valuation of a capital asset to a Valuation Officer to determine fair market value where the claimed value appears understated, including where a registered valuer's estimate is relied on or where the shortfall exceeds a prescribed percentage or amount or is otherwise necessitated by the nature of the asset. Certain specified provisions of the Wealth-tax Act shall apply, with necessary modifications, to such references, and "Valuation Officer" carries the meaning given in the Wealth-tax Act.
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