Valuation Officer referral required where Schedule III mandates market value, making referral mandatory under wealth tax rules. A reference to a Valuation Officer under section 16A is permissible only where Schedule III requires market value to be taken for assessment; such reference is mandatory when section 16A(1) applies and the Assessing Officer may not decide valuation independently. Where Schedule III does not require market value, no reference under section 16A should be made and the asset's value must be computed as per the relevant rule in Schedule III.
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 Officer referral required where Schedule III mandates market value, making referral mandatory under wealth tax rules.
A reference to a Valuation Officer under section 16A is permissible only where Schedule III requires market value to be taken for assessment; such reference is mandatory when section 16A(1) applies and the Assessing Officer may not decide valuation independently. Where Schedule III does not require market value, no reference under section 16A should be made and the asset's value must be computed as per the relevant rule in Schedule III.
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