Wealth Tax-Valuers of immoveable property. - Income Tax - 1858/1990

INSTRUCTION NO. 1858/1990 Dated: September 20, 1990 Complaints have been received in the Board, relating to submission of property valuation reports from valuers who are either not registered or whose registration has not been renewed with the changes in the Wealth-tax Rules w.e.f. 1.6.1988 or who have been de-registered. They apparently continue to function as valuers of immovable property under section 34 AB of Wealth-tax, 1957, even though they are not eligible to carry on the valuation work. 2. Attention is invited to the amendments effected to the Wealth-tax Rules under which the application for registration of valuers under section 34AB of Wealth-tax Act, 1957 is processed. This subject is now within the exclusive jurisdiction of the concerned Chief Commissioner of Income-tax. It is, therefore, necessary that suitable action to curb such malpractices of unregistered valuers is taken up by the concerned Chief Commissioner of Income-tax. 3. It is suggested that a list of registered valuers of immovable property, approved by the Chief Commissioner of Income-tax under section 34AB of Wealth-tax Act, 1957 may be circulated, alongwith their registration numbers, to all Assessing Officers working in the region. The Assessing Officers may be directed that reports of valuers, other than those approved by the Chief Commissioner of Income-tax under section 34AB of the Wealth-tax Act, 1957, should be rejected and proposals sent for initiating action as per law against such unauthorised valuers.