Instructions regarding the type of cases to be referred to Valuation Cell.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... were subsequently modified vide Boards letters No.319/5/70-W.T dated 27-4-70 and 30-4-71 and No.5/876/68-E.D dated 17-9-70. The instructions so far issued have been reviewed by the Board, in the light of the types of cases so far referred to the Valuation Cell, the performance of the various Valuation Units and the accumulation of cases with the units and it has been decided that a change in the ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....n for the valuation of the whole property is less than 8 times of the net rent; iii) all cases under the I.T.Act where there is a reasonable suspicion that the assessee has understated the value of immovable property by Rs.50,000 or more; iv) all cases of estate duty, wealth-tax and gift-tax where the value of any individual immovable property has been shown at less than Rs.5 lakhs or more; ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....th August,1958 as modified by Circular No.5-D(WT) of 60 dated 17th June, 1960. 4. It should be clearly borne in mind that the multiplier of 8 for the net annual rent mentioned in item (ii)(a) and (b) of para 2 above is only to facilitate quick selection of cases to be referred to the Valuation Cell and not for determining the value of the property itself for tax purposes. 5. While referring ....