843/CBDT. - Income Tax - 843/CBDT

INSTRUCTION NO. 843/CBDT Dated : June 13, 1975 Section(s) Referred: 230A Statute: Income - Tax Act, 1961 The provisions of section 230A of the Income-tax Act, 1961 have been inserted mainly with a view to preventing alienation, transfer of property without satisfaction of the outstanding demand in the case of the transferer. There may be case where the value at which the transfer or property is proposed to be effected, as shown in the application for certificate u/s 230A, is much less than the fair market value of the property. The Board desire that in cases where there is a reasonable doubt about the value of the property shown for the purposes of transfer and the tax arrears in the cases of the transferer exceed the value of the property shown in the document the Income-tax Officer should seek the opinion of the Valuation Cell before issuing 230A certificate.