Reference to Valuation Cell in those cases where the value of immovable property is Rs.50,000/- or more. - Income Tax - 217/CBDT

INSTRUCTION NO. 217/CBDT Dated: September 17, 1970 Attention is invited to the instructions contained in the Board's letter of even number dated 21-11-1968 regarding the income-tax cases which should be referred to the Valuation Cell. In partial modification thereof, the Board desire that all cases where during the course of a pending assessment an assessee claims to have constructed a building, whether consisting of a single unit or of several units, and the cost of the whole building is declared by him at Rs.2 lakhs or more, should be referred to the Valuation Cell. 2. The above instructions should be followed in addition to the existing instructions regarding reference to Valuation Cell where the suspected under-statement in the value of immovable property is Rs.50,000/- or more. 3. These instructions may be brought to the notice of all assessing officers in your charge.