Section 142A - Estimate by Valuation Officer in certain cases - Income-tax Act, 1961

3 [ Estimation of value of assets 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) whether or not he is satisfied about the correctness or completeness of the accounts of the assessee. (3) The Valuation Officer, on a reference made under sub-section (1), shall, for the purpose of estimating the value of the asset, property or investment, have all the powers that he has under section 38A of the Wealth-tax Act, 1957 [27 of 1957]. (4) The Valuation Officer shall, estimate the value of the asset, property or investment after taking into account such evidence as the assessee may produce and any other evidence in his possession gathered, after giving an opportunity of being heard to the assessee. (5) 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 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 the report from the Valuation Officer, and after giving the assessee an opportunity of being heard, take into account such report in making the assessment or reassessment. 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]] ------------------------ Notes :- 1. Inserted by the Finance (No. 2) Act, 2004, w.r.e.f. 15-11-1972. 2. In sub-section (1), for the words, figures and letter section 69B is required to be made , the words, figures, letter and brackets section 69B or fair market value of any property referred to in sub-section (2) of section 56 is required to be made has been substituted vide Finance Act, 2010 with effect from the 1st day of July, 2010. 3. Substituted vide THE FINANCE (No. 2) ACT, 2014 w.e.f. 1st day of October, 2014 , before it was read as, 1 [Estimate by Valuation Officer in certain cases. 142A. (1) For the purposes of making an assessment or reassessment under this Act, where an estimate of the value of any investment referred to in section 69 or section 69B or the value of any bullion, jewellery or other valuable article referred to in section 69A or 2 [section 69B or fair market value of any property referred to in sub-section (2) of section 56 is required to be made], the Assessing Officer may require the Valuation Officer to make an estimate of such value and report the same to him. (2) The Valuation Officer to whom a reference is made under sub-section (1) shall, for the purposes of dealing with such reference, have all the powers that he has under section 38A of the Wealth-tax Act, 1957 (27 of 1957). (3) On receipt of the report from the Valuation Officer, the Assessing Officer may, after giving the assessee an opportunity of being heard, take into account such report in making such assessment or reassessment: Provided that nothing contained in this section shall apply in respect of an assessment made on or before the 30th day of September, 2004, and where such assessment has become final and conclusive on or before that date, except in cases where a reassessment is required to be made in accordance with the provisions of section 153A. 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).]