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REGISTERED VALUER UNDER WEALTH TAX ACT, 1957 PART II

Wealth Tax - By: - Mr.M. GOVINDARAJAN - Dated:- 20-9-2016 - Procedure for registration as a valuer The following is the procedure for registration of valuer under this Act- Any person who possesses the qualifications prescribed in this behalf may apply to the Chief Commission­er or Director General in the Form No. N for being registered as a valuer under this section; Every application shall be verified in the prescribed manner, shall be accompanied by fees of ₹ 1000; The fee will not .....

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ll maintain a register to be called the Register of Valuers in which shall be entered the names and addresses of persons regis­tered under sub-section (2) as valuers. Restrictions on practice Section 34AC of the Act provides that No person, either alone, or in partnership with any other person, shall practise, describe himself or hold himself out as a registered valuer for the purposes of this Act or permit himself to be so described or held out unless he is registered as a valuer or, as the .....

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after,- Where any person who is registered as a valueror who has made an application for registration as a valuer under that section is, at any time thereafter,- convicted of any offence and sentenced to a term of imprisonment; or in a case where he is a member of any association or institution established in India having as its object the control, supervi­sion, regulation or encouragement of the profession of architec­ture, accountancy, or company secretaries or such other profes­si .....

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he is satisfied, after giving that person a reasonable opportunity of being heard and after such further inquiry, if any, as he thinks fit to make,- that his name has been entered in the register by error or on account of misrepresentation or suppression of a material fact; that he has been convicted of any offence and sentenced to a term of imprisonment or has been guilty of misconduct in his professional capacity which, in the opinion of the Chief Commissioner or Director General, renders him .....

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further inquiry, if any, as he thinks fit to make, that his performance is such that his name should not remain on the Register of Valu­ers. Guilty of misconduct Rule 8E provides that for the purposes of section 34AD of the Act, a registered valuer shall be deemed to have been guilty of misconduct in his professional capacity if he has been found so guilty,- in a case where he is a member of any association or institution established in India having as its object the control, supervision, re .....

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of information in its possession, is of the opinion that any registered valuer, or any other person, not being a person referred to in sub-clause (i) of clause (e) of sub-rule (13) of rule 8A, who has made an application for registration as a valuer under rule 8B, is guilty of professional misconduct in connection with any proceeding under any law for the time being in force, he shall frame definite charges against such person and shall communicate them in writing to him together with a stateme .....

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Commissioner or Director General may himself conduct the inquiry referred to in sub-section (1) or sub-section (3) or appoint an Inquiry Officer not below the rank of a Commis­sioner to conduct such inquiry, and for the purposes of such inquiry, the Chief Commissioner or Director General. The Inquiry Officer so appointed shall have the same powers as are vested in a court under the Code of Civil Procedure, 1908, when trying a suit in respect of the following matters, namely:- discovery and i .....

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ch of the charges as are not admitted; The Inquiry Officer shall, in the course of the inquiry, consider such documentary evidence and take such oral evidence as may be relevant or material in regard to the charges; The person who has made an application for registration as a valuer, or, as the case may be, the registered valuer, shall be entitled to cross-examine the witnesses examined in support of the charges and to give evidence in person; If the Inquiry Officer declines to examine any witne .....

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ow the rank of a Chief Commissioner or Commissioner and the proceedings shall be continued by the succeeding Inquiry Officer from the stage at which they were left by his predecessor. Order The Chief Commissioner or the Director General shall consider the report of the Inquiry Officer and record his findings on each charge and, where he does not agree with the finding of the Inquiry Officer shall record the reasons for his disagreement.; If theChief Commissioner or the Director General is satisf .....

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