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TMI BlogValue of assets, how to be determinedX X X X Extracts X X X X X X X X Extracts X X X X ..... n the valuation date next following the date on which he became the owner of the house or the valuation date relevant to the assessment year commencing on the 1st day of April, 1971, whichever valuation date is later : 3 [Omitted by the Finance Act, 1992, w.e.f. 1-4-1993.] Explanation . For the purposes of this sub-section, (i) where the house has been constructed by the assessee, he shall be deemed to have become the owner thereof on the date on which the construction of such house was completed ; (ii) house includes a part of a house being an independent residential unit.] ----------------------- Notes:- 1. Substituted by the Direct Tax Laws (Amend ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be prescribed ; (b) where the assessee carrying on the business is a company not resident in India and a computation in accordance with clause (a) cannot be made by reason of the absence of any separate balance sheet drawn up for the affairs of such business in India, the Assessing Officer may take the net value of the assets of the business in India to be that proportion of the net value of the assets of the business as a whole wherever carried on determined as aforesaid as the income arising from the business in India during the year ending with the valuation date bears to the aggregate income from the business wherever arising during that year. (3) Notwithstanding anything contained in sub-section (1), where the valuation of any a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ruction of such house was completed ; (ii) "house", includes a part of a house, being an independent residential unit.' 2. See also Circular No. 646, dated 15-3-1993. For details, see Referencer. 3. Before to omission, existing proviso read as under : " Provided that where more than one house belonging to the assessee is exclusively used by him for residential purposes, the provisions of this sub-section shall apply only in respect of one of such houses which the assessee may, at his option, specify in this behalf in the return of net wealth." - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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