Valuation Officer referrals determine asset values, requiring wealth-tax assessments to conform to those estimates. The provision allows the Valuation Officer, on referral by the Wealth-tax Officer, to estimate an asset's value where declared values appear understated or prescribed thresholds are exceeded, to require production of documents, to give the assessee notice and an opportunity to object and produce evidence, and to issue a written order confirming or proposing a value; copies of the order are sent to the Wealth-tax Officer and the assessee, and the Wealth-tax Officer must complete the assessment in conformity with the Valuation Officer's estimate.
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 Officer referrals determine asset values, requiring wealth-tax assessments to conform to those estimates.
The provision allows the Valuation Officer, on referral by the Wealth-tax Officer, to estimate an asset's value where declared values appear understated or prescribed thresholds are exceeded, to require production of documents, to give the assessee notice and an opportunity to object and produce evidence, and to issue a written order confirming or proposing a value; copies of the order are sent to the Wealth-tax Officer and the assessee, and the Wealth-tax Officer must complete the assessment in conformity with the Valuation Officer's estimate.
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