Reference to Valuation Officers when declared asset value differs by the prescribed percentage or exceeds the specified threshold. The rule prescribes that a reference to a Valuation Officer is triggered when the percentage difference between the value of the asset as returned and the assessed amount is 33 1/3 per cent and where the specified monetary benchmark is Rs. 50,000, establishing both a relative and absolute threshold for referral under the Wealth Tax Rules, 1957.
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.
Reference to Valuation Officers when declared asset value differs by the prescribed percentage or exceeds the specified threshold.
The rule prescribes that a reference to a Valuation Officer is triggered when the percentage difference between the value of the asset as returned and the assessed amount is 33 1/3 per cent and where the specified monetary benchmark is Rs. 50,000, establishing both a relative and absolute threshold for referral under the Wealth Tax Rules, 1957.
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