Valuation referral: wealth-tax officers may refer asset valuations when returned figures appear below fair market value. Para. III(b) of the 1957 Board Circular has been withdrawn and is superseded by later statutory amendment and administrative guidance. The Wealth-tax Officer may refer valuation of capital assets to the Valuation Officer where the officer considers a returned value, including one provided by a registered valuer, to be below fair market value according to prescribed thresholds or where, given the asset's nature and other considerations, a reference is necessary.
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 referral: wealth-tax officers may refer asset valuations when returned figures appear below fair market value.
Para. III(b) of the 1957 Board Circular has been withdrawn and is superseded by later statutory amendment and administrative guidance. The Wealth-tax Officer may refer valuation of capital assets to the Valuation Officer where the officer considers a returned value, including one provided by a registered valuer, to be below fair market value according to prescribed thresholds or where, given the asset's nature and other considerations, a reference is necessary.
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