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of <h1>Board Directs IACs to Improve Communication with Assessing Officers on Property Acquisition and Valuation Details.</h1> The Board has identified issues where Inspecting Assistant Commissioners (Acquisition) failed to notify assessing officers about the initiation of acquisition proceedings or share valuation details of immovable property. This lack of coordination may lead to inconsistent treatment and underassessment. The Board instructs IACs to inform assessing officers about acquisition proceedings and developments, including fair market value estimates and acquisition decisions. They should also consult with Valuation Officers to check if the property was previously valued. Assessing officers must evaluate this information for implications under direct tax laws and take necessary actions. These instructions should be communicated to all relevant officers.
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