https://www.taxtmi.com/circulars?id=54688 Fictitious liabilities in audited accounts can be declared under the Income Declaration Scheme either as standalone liabilities when not linked to specific assets or as the fair market value of the linked asset when directly connected. Declarations do not affect finality of completed assessments but may be used in later assessments where a nexus exists. Valuation reports by registered valuers are accepted; misrepresentation by valuers invites legal action. Holding period for declared assets is the actual acquisition date, with indexation on declared amounts available only from the revaluation date. Mixed evidence immovable property must be valued part by part as per deed evidence and valuation rules. en-us Thu, 18 Aug 2016 00:00:00 +0530 Fri, 19 Aug 2016 11:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=54688 Fictitious liabilities in audited accounts can be declared under the Income Declaration Scheme either as standalone liabilities when not linked to specific assets or as the fair market value of the linked asset when directly connected. Declarations do not affect finality of completed assessments but may be used in later assessments where a nexus exists. Valuation reports by registered valuers are accepted; misrepresentation by valuers invites legal action. Holding period for declared assets is the actual acquisition date, with indexation on declared amounts available only from the revaluation date. Mixed evidence immovable property must be valued part by part as per deed evidence and valuation rules. Circulars Income Tax Thu, 18 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/circulars?id=54688