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What is Reference to Valuation Officer? Section 55A of Income Tax Act 1961

Reference to Valuation Officer is defined under section 55A of Income Tax Act 1961. Provisions under this Section is:

Section 55A of Income Tax Act "Reference to Valuation Officer"

Section 55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the Assessing Officer may refer the valuation of capital asset to a Valuation Officer-

(a) in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the Assessing Officer is of opinion that the value so claimed is at variance with its fair market value;

 

(b) in any other case, if the Assessing Officer is of opinion-

(i) that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than such percentage6 of the value of the asset as so claimed or by more than such amount6 as may be prescribed in this behalf ; or

(ii) that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do,

and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clauses (ha) and (i) of sub-section (1) and sub-sections (3A) and (4) of section 23, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16A of that Act.
Explanation.-In this section, "Valuation Officer" has the same meaning, as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).

Income Tax Act 1961

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What is Reference to Valuation Officer? Section 55A of Income Tax Act 1961

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What are the Amounts not deductible? Section 58 of Income Tax Act 1961

What are Profits chargeable to tax? What is Transfer of income where there is no transfer of assets? What is Revocable transfer of assets? Section 59, 60 and 61 of Income Tax Act 1961

What is the meaning of Transfer irrevocable for a specified period? How Transfer and revocable transfer defined? Section 62 and 63 of Income Tax Act 1961

What is the meaning Income of individual to include income of spouse, minor child, etc? Section 64 of Income Tax Act 1961

What is the meaning Liability of person in respect of income included in the income of another person? What is Total income? Section 65 and 66 of Income Tax Act 1961

What is the Method of computing a member's share in income of association of persons or body of individuals? Section 67A of Income Tax Act 1961

What is Cash credits? What are Unexplained investments? Section 68 and 69 of Income Tax Act 1961

What is Unexplained money, etc? What are Amount of investments, etc., not fully disclosed in books of account? Section 69A and 69B of Income Tax Act 1961

What is Unexplained expenditure, etc? What is Amount borrowed or repaid on hundi? Section 69C and 69D of Income Tax Act 1961

What is Set off of loss from one source against income from another source under the same head of income? Section 70 of Income Tax Act 1961

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