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of <h1>Calcutta High Court: Wealth-tax Officer's Asset Valuation Referrals Valid Only for Pending Assessments u/s 16A.</h1> Section 16A of the Wealth Tax Act, 1957 allows a Wealth-tax Officer to refer the valuation of an asset to a Valuation Officer for assessment if certain conditions are met. The Calcutta High Court ruled that such a reference is valid only for completing a pending assessment. This decision aligns with earlier judgments from the Rajasthan and Madhya Pradesh High Courts. The Board has accepted these principles and instructs that references under section 16A(1) should only be made for pending assessment years. Non-statutory references to the Valuation Cell are otherwise permissible. Officers should be informed of these instructions.
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