Valuation Officer reference conditions fixed by asset value percentage and monetary threshold under the income tax rules. Conditions are prescribed for making a reference to a Valuation Officer under section 91(1)(b)(i). For that purpose, the relevant percentage of the value of the asset is fixed at 15%, and the relevant monetary threshold is fixed at ten lakh rupees. The rule identifies the two quantitative conditions governing invocation of the reference mechanism under the specified provision.
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 reference conditions fixed by asset value percentage and monetary threshold under the income tax rules.
Conditions are prescribed for making a reference to a Valuation Officer under section 91(1)(b)(i). For that purpose, the relevant percentage of the value of the asset is fixed at 15%, and the relevant monetary threshold is fixed at ten lakh rupees. The rule identifies the two quantitative conditions governing invocation of the reference mechanism under the specified provision.
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