Reference to Valuation Officer (VO) in certain cases - Section 142A - Income Tax - Ready Reckoner - Income Tax

Section 142A - Reference to Valuation Officer (VO) in certain cases 1. Reference to the Valuation Officer The AO may for the purpose of Assessment, make a reference to VO to estimate the value including FMV of any - a) Any Assets b) Any Property c) Any Investments Further clarifies the Assessing Officer may make a reference to the Valuation Officer whether or not he is satisfied about the correctness or completeness of the accounts of the assessee. 2. Estimation of value of asset, property or investment The Valuation Officer shall, estimate the value of the asset, property or investment after taking into account such evidence as the assessee may produce and any other evidence in his possession gathered, after giving an opportunity of being heard to the assessee. If assessee does not co-operate or comply with the direction of the Valuation Officer he may, Estimate the value of the asset, property or investment to the best judgement. 3. Time Limit for submission of valuation report The Valuation Officer shall send a copy of the report of the estimate made u/s 142A(4) and (5) to the Assessing Officer and the assessee, within a period of six months from the end of the month in which a reference is made. 4. Completion of assessment by taking into account valuation report The Assessing Officer may, on receipt of the report from the Valuation Officer, and after giving the assessee an opportunity of being heard , take into account such report in making the assessment or reassessment.