Regarding valuation report in respect of immovable property - Income Tax - 636/CBDT

INSTRUCTION NO. 636/CBDT Dated : December 10, 1973 Section(s) Referred: 269 of Income Tax Act Statute: Wealth Tax Act, 1957 It has been brought to the notice of the Board that in many cases the Transferors, Transferees and other persons interested in the immovable property which is the subject matter of acquisition proceedings, request for supply of copies of the reasons recorded by the Competent Authorities and of the report of the Valuation Officer. Under the Proviso to Section 269C(1) the competent Authority is required to record his reasons for initiating proceedings under this section. Section 269(L) enables the Competent Authorities to make references to Valuation Officer. There is no reason why the reasons recorded by the Competent Authorities under proviso (2) to section 269C(1) and copies of the report submitted by the Valuation Officers u/s.269(L) should not be provided to the persons interested in the immovable property. The Board, therefore desire that these should be supplied whenever asked for by the persons interested in the immovable property which is the subject matter of proceedings under Chapter XXA.