Income Tax Act Section 142A: Assessing Officer Can Refer to Valuation Officer for Asset Valuation in Assessments
Section 142A of the Income Tax Act allows the Assessing Officer (AO) to refer to a Valuation Officer (VO) for estimating the value of assets, property, or investments for assessment purposes. This can be done regardless of the AO's satisfaction with the assessee's accounts. The VO must consider evidence from the assessee and other available evidence, providing an opportunity for the assessee to be heard. If the assessee is uncooperative, the VO can estimate based on best judgment. The VO must submit the valuation report within six months, which the AO can use in the assessment process after hearing the assessee.
Full Summary is availble for active users!
Note: It is a system-generated summary and is for quick
reference only.