New Valuation Cell Guidelines for Cases Under Income Tax, Wealth Tax, and Gift Tax Acts Effective Post-Dec 31, 1972.

The circular issued by the Board outlines the types of cases to be referred to the Valuation Cell following amendments introduced by the Taxation Laws (Amendment) Act, 1972. It specifies that cases under sections 55A of the Income Tax Act, 16A of the Wealth Tax Act, and 15(6) of the Gift Tax Act will be affected after December 31, 1972. Cases where preliminary work is done may be finalized, while others should be referred back for a decision. Estate Duty cases remain unaffected. The instructions are to be communicated to all assessing officers for immediate action.

---

---

---