Valuation referral under Section 16A requires referring asset valuations to a valuation officer when declared values appear understated. Wealth-tax officers must follow Section 16A by referring asset valuation to a valuation officer when the declared value is based on a registered valuer and appears below fair market value, when the officer believes fair market value substantially exceeds returned value, or when the asset's nature and circumstances make a reference necessary; prior monetary-limit instructions have been superseded by the Taxation Laws (Amendment) Act, 1972, and officers are directed to ensure compliance and notify the Board.
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 under Section 16A requires referring asset valuations to a valuation officer when declared values appear understated.
Wealth-tax officers must follow Section 16A by referring asset valuation to a valuation officer when the declared value is based on a registered valuer and appears below fair market value, when the officer believes fair market value substantially exceeds returned value, or when the asset's nature and circumstances make a reference necessary; prior monetary-limit instructions have been superseded by the Taxation Laws (Amendment) Act, 1972, and officers are directed to ensure compliance and notify the Board.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
