TaxTMI 
TaxTMI 
Substitution of new section for section 142A- Estimation of value of assets by Valuation Officer
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....n Officer. '142A. (1) The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him. (2) The Assessing Officer may make a reference to the Valuation Officer under sub-section (1) whether or not he is satisfied about the....
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....end a copy of the report of the estimate made under sub-section (4) or sub-section (5), as the case may be, to the Assessing Officer and the assessee, within a period of six months from the end of the month in which a reference is made under sub-section (1). (7) The Assessing Officer may, on receipt of the report from the Valuation Officer, and after giving the assessee an opportunity of being h....
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.... account such report for the purposes of assessment or reassessment. It is proposed to substitute the said section 142A so as to provide that the Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him. Sub-section (2....
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....aluation Officer may estimate the value of the asset, property or investment to the best of his judgment, if the assessee does not co-operate or comply with his direction. Sub-section (6) seeks to provide that the Valuation Officer shall send a copy of the report of the estimate made under sub- section (4) or sub-section (5) to the Assessing Officer and the assessee, within a period of six month....