TMI BlogSubstitution of new section for section 142A- Estimation of value of assets by Valuation OfficerX X X X Extracts X X X X X X X X Extracts X X X X ..... ts by Valuation 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) whe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Valuation Officer, the Assessing Officer may after giving the assessee an opportunity of being heard take into 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e and any other evidence in his possession gathered, after giving an opportunity of being heard to the assessee. Sub-section (5) seeks to provide that 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 direction. Sub-section (6) seeks to provide that the Valu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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