699/CBDT. - Income Tax - 699/CBDT

INSTRUCTION NO. 699/CBDT Dated : June 3, 1974 The Board has come across a case in which the value of a property was taken at Rs. 2,32,000 for wealth-tax purposes for the assessment year 1967-68 on the basis of the price paid by the assessee on the purchase of the property in February, 1967 and the value of the same property was taken at Rs. 1,51,000 in the wealth-tax assessment for the subsequent year, viz., 1968-69 on the basis of a valuation report given by an approved valuer. The report of the approved valuer was accepted without even referring the matter to the Valuation Cell. 2. The Board desire that in all cases in which the value of an asset returned in an assessment year is less than (i) the value of that asset as returned or as determined in assessment for any earlier year or (i) the cost price of the asset, the valuation of that asset should be referred to the Valuation Officer and further action taken accordingly.