Value of assets by Valuation Officer Section – 142A, Income-tax Act, 1961

Section - 142A, Income-tax Act, 1961

Estimation of value of assets by Valuation Officer

Section – 142A, Income-tax Act, 1961

(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 the 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 with the correctness or completeness of the accounts of the assessee.

(3) The Valuation Officer, on a reference made under sub-section (1), shall, for the

purpose of estimating the value of the asset, property or investment, have all the powers that he has under section 38A of the Wealth-tax Act, 1957 (27 of 1957).

(4) The Valuation Officer shall estimate the value of the asset, property or investment

after taking into account such evidence as the assessee may produce and any other evidence in his possession gathered, after giving an opportunity of being heard to the assessee.

(5) The Valuation 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 directions.

(6) The Valuation Officer shall send 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 heard, take into account such report in making the assessment or reassessment.

Valuation Officer” has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957

Taxmann – The Tax and Corporate Laws of India

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