Valuation Officer powers expanded to amend valuation orders, triggering amended wealth-tax assessments and allowing assessment amendments within prescribed time. The amendment authorises the Valuation Officer to amend orders under section 16A and adds the Valuation Officer to procedural references; where such amendment enhances an asset's valuation the Valuation Officer must send his order to the Wealth-tax Officer, who must amend the assessment to conform with it, with the existing amendment provisions applying; consequential amendments following a valuation enhancement may be made by the Wealth-tax Officer within one year from the Valuation Officer's order.
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 powers expanded to amend valuation orders, triggering amended wealth-tax assessments and allowing assessment amendments within prescribed time.
The amendment authorises the Valuation Officer to amend orders under section 16A and adds the Valuation Officer to procedural references; where such amendment enhances an asset's valuation the Valuation Officer must send his order to the Wealth-tax Officer, who must amend the assessment to conform with it, with the existing amendment provisions applying; consequential amendments following a valuation enhancement may be made by the Wealth-tax Officer within one year from the Valuation Officer's order.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
