Jurisdiction of Valuation Officers

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....ds or any rights in buildings or lands, in respect of any area have been assigned to a District Valuation Officer, Valuation Officer and an Assistant Valuation Officer, such functions shall be performed by the District Valuation Officer, the Valuation Officer or, as the case may be, the Assistant Valuation Officer as provided hereunder:-- (i) if the value of the asset as declared in the return made by the assessee under section 14 or section 15 exceeds 2[3[Rs. 300 lakhs] or if the asset is not disclosed or the value of the asset is not declared in such return or no such return has been made and the value of the asset, in the opinion of the 4[Assessing Officer], exceeds the aforesaid amount, the functions shall be performed by the District....

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....ent of the work of valuation, himself perform such functions in relation to any asset referred to in clause (iii).]] 15[(4) Where the valuation of any asset, being building or land or any right in any building or land, referred to the District Valuation Officer, the Valuation Officer or the Assistant Valuation Officer, as the case may be, is pending with him on the 13th February, 2009, being the date of commencement of the Wealth-tax (Second Amendment) Rules, 2009, (i) the District Valuation Officer shall transfer the reference to the Valuation Officer, if the value of the asset as declared in the return made by the assessee under section 14 or section 15 does not exceed Rs. 300 lakhs ; (ii) the Valuation Officer shall transfer the re....

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....First Amendment) Rules, 1996, w.e.f. 12-7-1996. Earlier "Rs. 20 lakhs" was substituted for "Rs. 10 lakhs" by the Wealth-tax (Amendment) Rules, 1987, w.e.f. 4-11-1987 and "Rs. 10 lakhs" was substituted for "Rs. 5 lakhs" by the Wealth-tax (Fourth Amendment) Rules, 1976, w.e.f. 15-12-1976. 8. Substituted in sub-rule(3)(ii) vide notification no. 16/2009 dated 13-2-2009 (Wealth-tax (Second Amendment) Rules, 2009) for "Rs. 50 lakhs" 9. Substituted vide Wealth-tax (Second Amendment) Rules, 1989, w.r.e.f. 1-4-1988. Before it was read as:- "Wealth-tax Officer" 10. Substituted for "Rs. 5 lakhs" by the Wealth-tax (First Amendment) Rules, 1996, w.e.f. 12-7-1996. Earlier "Rs. 5 lakhs" was substituted for "Rs. 2 lakhs" by the Wealth-tax (Amendment) Ru....