Valuation of assets under the Wealth Tax Acts,1957 should be used by approved valuers under Estate Duty Act,1953. - Income Tax - 1233/CBDT

INSTRUCTION NO. 1233/CBDT Dated : January 29, 1979 Section(s) Referred: 4(3) Statute: Estate Duty Act At the time of introduction of rules for appointment of valuers vide ED Notice No.300/355/74-ED dated 1st May 1975 no valuation form for valuation of assets under ED Act, 1953 were prescribe. Instruction No.12 dated 3rd April 1969 issued from file No.5/77/68-(Pt)ED which prescribed the form therefore still holds the fields. To bring the ED forms in line with WT forms the Board desire forms O-1 TO O-10 prescribed for the purpose of valuation of assets under the WT Acts, 1957 should be used by approved valuers under ED Act, 1953.