Valuation reference power enables referral of disputed asset values to a Valuation Officer for fair market determination. Assessing Officer may refer a capital asset to a Valuation Officer to ascertain its fair market value where the claimed value appears discrepant from market value, including when a registered valuer's estimate is challenged, or where the fair market value is thought to exceed the claimed amount by a prescribed threshold or other circumstances make a reference necessary; procedural provisions for references apply with necessary modifications.
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 reference power enables referral of disputed asset values to a Valuation Officer for fair market determination.
Assessing Officer may refer a capital asset to a Valuation Officer to ascertain its fair market value where the claimed value appears discrepant from market value, including when a registered valuer's estimate is challenged, or where the fair market value is thought to exceed the claimed amount by a prescribed threshold or other circumstances make a reference necessary; procedural provisions for references apply with necessary modifications.
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