Rule 3A - Jurisdiction of Valuation Officers - Wealth Tax Rules, 1957

1 [Jurisdiction of Valuation Officers. 3A. Regional Valuation Officers shall exercise, within such areas as the Board may direct, general supervision over the work of District Valuation Officers, Valuation Officers and Assistant Valuation Officers. (2) District Valuation Officers, Valuation Officers and Assistant Valuation Officers shall perform the functions of a Valuation Officer in respect of such areas and in relation to such classes of assets as the Board may direct. (3) Where under any directions issued under sub-rule (2), the functions of a Valuation Officer in relation to any class of assets, being buildings or lands or any rights in buildings or lands, in respect of any area have been assigned to a District Valuation Officer, Valuation Officer and an Assistant Valuation Officer, such functions shall be performed by the District Valuation Officer, the Valuation Officer or, as the case may be, the Assistant Valuation Officer as provided hereunder: (i) if the value of the asset as declared in the return made by the assessee under section 14 or section 15 exceeds 2 [ 3 [Rs. 300 lakhs] or if the asset is not disclosed or the value of the asset is not declared in such return or no such return has been made and the value of the asset, in the opinion of the 4 [ Assessing Officer ] , exceeds the aforesaid amount, the functions shall be performed by the District Valuation Officer ; (ii) if the value of the asset as declared in the return made by the assessee under section 14 or section 15 exceeds 5 [ 6 [Rs. 40 lakhs] but does not exceed 7 [ 8 [Rs. 300 lakhs] or if the asset is not disclosed or the value of the asset is not declared in such return or no such return has been made and the value of the asset, in the opinion of the 9 [ Assessing Officer ] , falls within the aforesaid limits, the functions shall be performed by the Valuation Officer; and (iii) if the value of the asset as declared in the return made by the assessee under section 14 or section 15 does not exceed 10 [ 11 [Rs. 40 lakhs], or if the asset is not disclosed or the value of the asset is not declared in such return or no such return has been made and the value of the asset, in the opinion of the Assessing Officer, does not exceed the aforesaid amount, the functions shall be performed by the Assistant Valuation Officer : 12 [Provided that the District Valuation Officer referred to in clause (i) having jurisdiction in respect of the area may, if he considers it necessary or expedient so to do for the purpose of proper and efficient management of the work of valuation, himself perform such functions in relation to any asset referred to in clause (ii) : ] 13 [ 14 [Provided further that the Valuation Officer referred to in clause (ii) having jurisdiction in respect of the area may, if he considers it necessary or expedient so to do for the purpose of proper and efficient management of the work of valuation, himself perform such functions in relation to any asset referred to in clause (iii). ]] 15 [(4) Where the valuation of any asset, being building or land or any right in any building or land, referred to the District Valuation Officer, the Valuation Officer or the Assistant Valuation Officer, as the case may be, is pending with him on the 13th February, 2009, being the date of commencement of the Wealth-tax (Second Amendment) Rules, 2009, (i) the District Valuation Officer shall transfer the reference to the Valuation Officer, if the value of the asset as declared in the return made by the assessee under section 14 or section 15 does not exceed Rs. 300 lakhs ; (ii) the Valuation Officer shall transfer the reference to the Assistant Valuation Officer, if the value of the asset as declared in the return made by the assessee under section 14 or section 15 does not exceed Rs. 40 lakhs; 16 [ (5) For the purposes of sub-rules (3) and (4), the value of the assets referred to therein shall be in respect of the asset as a whole, whether owned by the assessee individually or jointly. ************ Notes: 1. Inserted vide Wealth-tax (Third Amendment) Rules, 1972, w.e.f. 1-1-1973. 2. Substituted for Rs 20 lakhs by the Wealth-tax (First Amendment) Rules, 1996, w.e.f. 12-7-1996. Earlier Rs. 20 lakhs was substituted for Rs. 10 lakhs by the Wealth-tax (Amendment) Rules, 1987, w.e.f. 4-11-1987 and Rs. 10 lakhs was substituted for Rs. 5 lakhs by the Wealth-tax (Fourth Amendment) Rules, 1976, w.e.f. 15-12-1976. 3. Substituted in sub-rule(3)(i) vide notification no. 16/2009 dated 13-2-2009 ( Wealth-tax (Second Amendment) Rules, 2009) for "Rs. 50 lakhs" 4. Substituted vide Wealth-tax (Second Amendment) Rules, 1989, w.r.e.f. 1-4-1988. Before it was read as:- Wealth-tax Officer 5. Substituted for Rs. 5 lakhs by the Wealth-tax (First Amendment) Rules, 1996, w.e.f. 12-7-1996. Earlier Rs. 5 lakhs was substituted for Rs. 2 lakhs by the Wealth-tax (Amendment) Rules, 1987, w.e.f. 4-11-1987. 6. Substituted in sub-rule(3)(ii) vide notification no. 16/2009 dated 13-2-2009 ( Wealth-tax (Second Amendment) Rules, 2009) for " Rs. 10 lakhs" 7. Substituted for Rs 20 lakhs by the Wealth-tax (First Amendment) Rules, 1996, w.e.f. 12-7-1996. Earlier Rs. 20 lakhs was substituted for Rs. 10 lakhs by the Wealth-tax (Amendment) Rules, 1987, w.e.f. 4-11-1987 and Rs. 10 lakhs was substituted for Rs. 5 lakhs by the Wealth-tax (Fourth Amendment) Rules, 1976, w.e.f. 15-12-1976. 8. Substituted in sub-rule(3)(ii) vide notification no. 16/2009 dated 13-2-2009 ( Wealth-tax (Second Amendment) Rules, 2009) for " Rs. 50 lakhs " 9. Substituted vide Wealth-tax (Second Amendment) Rules, 1989, w.r.e.f. 1-4-1988. Before it was read as:- Wealth-tax Officer 10. Substituted for Rs. 5 lakhs by the Wealth-tax (First Amendment) Rules, 1996, w.e.f. 12-7-1996. Earlier Rs. 5 lakhs was substituted for Rs. 2 lakhs by the Wealth-tax (Amendment) Rules, 1987, w.e.f. 4-11-1987. 11. Substituted for 10 by the Wealth-tax (Second Amendment) Rules, 2009, w.e.f. 13-2-2009. 12. Inserted by the Wealth-tax (Amendment) Rules, 1987, w.e.f. 4-11-1987. 13. Inserted by the Wealth-tax (Third Amendment) Rules, 1973, w.e.f. 4-6-1973. 14. Substituted vide by the Wealth-tax (Fourth Amendment) Rules, 1976, w.e.f. 15-12-1976. Before it was read as:- Provided that 15. Sub-rule (4) Substituted vide notification no. 16/2009 dated 13-2-2009 ( Wealth-tax (Second Amendment) Rules, 2009), before it was read as: "(4) Where the valuation of any asset, being building or land or any right in any building or land, referred to the District Valuation Officer, the Valuation Officer or the Assistant Valuation Officer, as the case may be, is pending with him on the 12th July, 1996, being the date of commencement of the Wealth-tax (First Amendment) Rules, 1996, (i) the District Valuation Officer shall transfer the reference to the Valuation Officer, if the value of the asset as declared in the return made by the assessee under section 14 or section 15 does not exceed Rs. 50 lakhs ; (ii) the Valuation Officer shall transfer the reference to the Assistant Valuation Officer, if the value of the asset as declared in the return made by the assessee under section 14 or section 15 does not exceed Rs. 10 lakhs." 16. Inserted by the Wealth-tax (Amendment) Rules, 1987, w.e.f. 4-11-1987.