734/CBDT. - Income Tax - 734/CBDT

INSTRUCTION NO. 734/CBDT Dated : August 7, 1974 Attention is invited to the Board's instruction No. 365 dated 28/12/1971 wherein certain guidelines were laid down for selecting cases to be referred to the Valuation Cell. After the Taxation Laws (Amendment) Act, 1972 and the Rules framed thereunder came into force, the Board issued instruction No. 490 dated 22-12-72 modifying the earlier instruction. It was, however, clarified that the Taxation Laws (Amendment) Act, 1972 did not affect the estate duty references. It has bow been decided that the following procedure should be followed, while making references in estate duty cases to the Valuation Cell:- (i) Reference for valuation of immovable property under the Estate Duty Act should be made to the Valuation Cell in a selective manner in accordance with the criteria laid down in Board's Instruction No. 365 issued as per their file No. 319/5/70-WT dated 28-12-71. (ii) The territorial jurisdiction of Valuation Officers prescribed by the Board from time to time under Wealth-tax Act should be followed in respect of Estate Duty references also. (iii) References should in all cases be made to District Valuation Officers concerned. The District Valuation Officer would himself deal with cases of properties exceeding Rs. 5 lakhs in value and in respect of immovable properties of value less than Rs. 5 lakhs, he would decide whether the case should be done by the Valuation Officer or the Assistant Valuation Officer. (iv) The Assistant Controller of Estate Duty should ordinarily pass the order of assessment in conformity with the value estimated by the Valuation Cell. Wherever he disagrees with the estimate of the Valuation Cell, he may take up the matter with the Controller of Estate Duty who may issue necessary instructions in consultation with the Regional Valuation Officer.