Asset valuation discrepancies must be referred to the Valuation Officer for reassessment of lower declared values. If an asset's value returned in an assessment year is less than its value as returned or determined in any earlier year or less than its cost price, the valuation must be referred to the Valuation Officer and further action taken accordingly; approved valuer reports reducing prior declared values should not be accepted without engaging the Valuation Cell.
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.
Asset valuation discrepancies must be referred to the Valuation Officer for reassessment of lower declared values.
If an asset's value returned in an assessment year is less than its value as returned or determined in any earlier year or less than its cost price, the valuation must be referred to the Valuation Officer and further action taken accordingly; approved valuer reports reducing prior declared values should not be accepted without engaging the Valuation Cell.
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