Coordination between IACs(Acquisition) and concerned assessing officers. - Income Tax - 1673/CBDT

INSTRUCTION NO. 1673/CBDT Dated: October 12, 1985 Certain cases have come to the notice of the Board in which Inspecting Assistant Commissioners(Acquisition) did not inform the assessing officers having jurisdiction over the case of the transferors and the transferees about the initiation of acquisition proceedings, nor did they forward the details of the valuation of the fair market value of immovable property relied upon by them for the purpose of initiation of acquisition proceedings. The absence of proper co-ordination between the IACs(Acquisition) and the assessing officers may result in different treatment being given in respect of the same immovable property and may also result in under assessment. 2. The Board desire that the IACs(Acquisition) should, simultaneously with initiation of proceedings for acquisition, inform the assessing officers concerned about the initiation of acquisition proceedings. They should also keep the assessing officers informed about the development during the course of proceedings such as estimates of the fair market value made from time to time and the final decision taken to acquire or not to acquire the property. 3. The Board further desire that the IACs(Acq.) should while making reference for valuation of any immovable property request the Valuation Officer concerned to ascertain from the assessing officers whether the property in question had been previously valued and, if so, the details thereon. 4. The assessing officer should, in turn, carefully examine the implications of the information thus received from the view of various direct taxes-Acts and take such action as may be necessary for the proper assessment of the transferors and the transferees under these Acts. 5. These instructions may be brought to the notice of all the officers working in your Charge.