Valuation procedures set standards for determining fair market value and require approved valuers and standardized reports. Rules provide a mechanism for approval and requisition of persons, entities or registered valuers by senior tax officers through application in Form No. 6C, require disposal of applications within six months and issuance of a Designated Approval Number; permit requisition of unapproved persons with recorded reasons and retrospective approval within thirty days. Valuation under subsection (9D) prescribes valuation bases: stamp-duty plus construction cost for immovable property, rule 11UA methods for jewellery and certain assets, and open market price where other methods are inapplicable; valuation reports must be submitted in Form No. 6CA with detailed methodology, assumptions and verification.
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Provisions expressly mentioned in the judgment/order text.
Valuation procedures set standards for determining fair market value and require approved valuers and standardized reports.
Rules provide a mechanism for approval and requisition of persons, entities or registered valuers by senior tax officers through application in Form No. 6C, require disposal of applications within six months and issuance of a Designated Approval Number; permit requisition of unapproved persons with recorded reasons and retrospective approval within thirty days. Valuation under subsection (9D) prescribes valuation bases: stamp-duty plus construction cost for immovable property, rule 11UA methods for jewellery and certain assets, and open market price where other methods are inapplicable; valuation reports must be submitted in Form No. 6CA with detailed methodology, assumptions and verification.
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