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TMI BlogAmendment at a glance, Amendments to Income-tax Act , Amendments to Wealth-tax Act , Amendments to Gift-tax ActX X X X Extracts X X X X X X X X Extracts X X X X ..... 40 line)/(ha),(3A) 24(6) to (8B), Appeal to Appellate Tribunal - Omission of provisions 26(3) relating to arbitration of valuers and consequential changes 41 34AA Appearance by registered valuers 42 34AB Registration of valuers 43 34AC Restriction on practice as registered valuer 44 34AD Removal from register of names of valuers and restoration 45 35(1)(aa),(7A) Rectification of mistakes 39 36(2B) Prosecution of registered valuers 46 37(1), (3), Power to take evidence on oath, etc. 38 prov. 38A, 46(2)(ee) Powers of Valuation Officer/Manner in which and conditions subject to which they may exercise their powers 37, 47 46(2)(e) Jurisdiction of Valuation Officers/Areas within which they may exercise jurisdiction 34, 47 Gift-tax Act 15(6) Reference to Valuation Officers for ascertaining the fair market value of any property transferred by way of gift 48-51 23(6) to (8) Omission of provisions relating to arbitration of valuers - Appearance by registered valuer ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ically provided that land, building, part of a building, machinery, plant, furniture, fittings and other things will include any rights therein. The definition is thus wide enough to cover composite sales of properties comprising land, buildings, machinery, plant, furniture, fittings or other things. In other words, where any land or building is transferred together with any machinery, plant, furniture, fittings or other things, such machinery, plant, etc., will also be regarded as immovable property and will be subject to acquisition along with such land or building. Transfers of leasehold rights in land, whether or not such rights are transferred along with machinery, plant, etc., will also be covered. [Sections 269A(e) and 269S] TAXATION LAWS (AMENDMENT) ACT, 1972 Transfers covered 7. For the purpose of Chapter XXA, "transfer", in relation to any immovable property, has been defined to mean transfer of such property by way of sale or exchange. Transfers by way of sale or exchange alone will, therefore, be covered by the new provisions. Other modes of transfer such as gifts, leases, etc., will be outside the purview of the provisions. [Section 269A(h)] TAX ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 269D(1) in the Gazette of India. Where the jurisdiction of the competent authority is questioned within the aforesaid period, the competent authority will examine the question and if satisfied with the correctness of the claim, will pass an order in writing determining the question accordingly. Where, however, the competent authority is not satisfied with the correctness of the claim, it will be incumbent on him to refer the question to the Board for determination. [Sections 269A(b) and 269B and rule 48D of the Income-tax Rules] TAXATION LAWS (AMENDMENT) ACT, 1972 Special rules of evidence 10. Three special rules of evidence have been laid down in the Act which will govern all proceedings under the new Chapter XXA. These rules are as under : 1. The fact that the fair market value of any immovable property exceeds its apparent consideration by more than 25 per cent of such apparent consideration shall be conclusive proof of the fact that the consideration for such transfer as agreed to between the parties has not been truly stated in the instrument of transfer. In view of this rule, the parties concerned will be debarred from leading any evidence either at the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to between the parties has been truly stated in the instrument of transfer because such consideration was agreed to having regard to the price that such property would have ordinarily fetched on sale in the open market on the date of the conclusion of the agreement to sell the property. This provision will, however, not apply where the agreement to sell has been registered under the Registration Act, 1908. In this connection, it may be noted that in a case where the fair market value of the property exceeds the apparent consideration by more than 25 per cent of such consideration, the parties will be debarred from leading any evidence to prove that the consideration had in fact been truly stated in the instrument of transfer [vide item (1) of this paragraph]. It, therefore, follows that the agreement to sell which has been registered under the Registration Act, 1908, will constitute relevant evidence only in cases where the difference between the fair market value and the apparent consideration does not exceed 25 per cent of such consideration. [Sections 269C(2) and 269F(9)] TAXATION LAWS (AMENDMENT) ACT, 1972 Conditions precedent to the initiation of acquisition proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een made with a view to facilitating tax evasion by the transferor or the transferee. The presumptions under this rule are rebuttable. The effect, therefore, is that for the purposes of initiating proceedings for acquisition the competent authority shall, where he has reason to believe that the apparent consideration is less than the fair market value of the property ordinarily proceed on the basis that the consideration for the transfer has not been truly stated with a view to facilitating tax evasion by the transferor or the transferee. Where, however, the parties concerned have been given an opportunity of being heard before commencement of acquisition proceedings, they will be entitled to lead evidence to rebut the aforesaid presumptions subject to the rules of evidence explained in the preceding sub-paragraph. In other words, it will be open to the parties to claim that the object of understating the consideration in the instrument of transfer was not facilitation of tax evasion by the transferor or the transferee and also, where the difference between the fair market value and the apparent consideration exceeds 15 per cent but does not exceed 25 per cent of the apparent consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etent authority having jurisdiction will be able to initiate proceedings within the period of six months reckoned from the end of the month in which the instrument of transfer is registered or within a period of 30 days from the date on which the first-mentioned competent authority decides the question, whichever period expires later. 2. Where the jurisdiction of the competent authority is questioned under section 269B(4) and the competent authority is not satisfied about the claim and has referred the matter to the Board for determination, the limitation will be six months from the end of the month in which the instrument of transfer of such property is registered or 30 days from the determination of the question by the Board, whichever period expires later. 3. Where acquisition proceedings cannot be initiated during any period of time by reason of any injunction or order of any court prohibiting the initiation of such proceedings or preventing the examination of documents or other materials required to be examined for the purpose of determining whether such proceedings should be initiated, the time of continuance of the injunction or order, the day on which it was issued or m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erested in the property. A copy of the notice should also be affixed to a conspicuous place in the office of the competent authority as also to a conspicuous part of the property itself. Under rule 48E of the Income-tax Rules, the substance of the notice should also be made known at convenient places in the locality in which the property is situated by proclamation in the language of the district by beat of drum or other customary mode. [Sections 269A(g), 269D and 269P and rules 48E, 48G and 48H of the Income-tax Rules] TAXATION LAWS (AMENDMENT) ACT, 1972 Objections against acquisition and hearing by the competent authority 13. The transferor, the transferee, the person in occupation of the property if the transferee is not in occupation thereof and every other person on whom the competent authority has served a notice under section 269B(2) may prefer objections against acquisition of immovable property. Besides, any other person who is interested in the immovable property will have the right to prefer objections against the acquisition. The objections will have to be in writing. The limitation for making objections will ordinarily be 45 days from the date of pub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Commissioner of Income-tax. The three requirements in this behalf are the following, namely : a. the immovable property in question is of a fair market value exceeding Rs. 25,000 ; b. the fair market value of such property exceeds the apparent consideration therefor by more than 15 per cent of such apparent consideration; and c. the consideration for such transfer as agreed to between the parties has not been truly stated in the instrument of transfer with the object of either facilitating the reduction or evasion of the liability of the transferor to tax in respect of any income (including capital gains) arising from the transfer, or facilitating the concealment of any income or any moneys or other assets which have not been or which ought to be disclosed by the transferee for purposes of the Indian Income-tax Act, 1922, the Income-tax Act, 1961 or the Wealth-tax Act, 1957. The Commissioner of Income-tax whose approval is necessary for the purpose will be the Commissioner who may be specifically specified by the Board, by general or special order in writing, in this behalf. Where the competent authority is not satisfied that all the requirements as set out above are f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reserve Bank of India and the triplicate challan sent to the Appellate Tribunal along with the memorandum of appeal.] An appeal against the competent authority's order will be heard by a two-member bench of the Appellate Tribunal consisting of one judicial member and one accountant member. The Appellate Tribunal will have the power to rectify any mistake apparent from the record at any time within 30 days from the date of the order. No order of rectification will, however, be made unless the person who is likely to be prejudicially affected by the proposed order has been given a reasonable opportunity of being heard. The Tribunal will serve a copy of any order passed in appeal or by way of rectification to the appellant as well as to the Commissioner. Since time is of the essence in acquisition proceedings, it has been specifically provided that the Appellate Tribunal shall dispose of every appeal as expeditiously as possible and make an endeavour to dispose of such appeal within 90 days from the date on which it is presented. The Appellate Tribunal's order will be final on questions of fact. [Section 269G and rule 48F of the Income-tax Rules] TAXATION LAWS (AMENDMENT) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... firmation by the High Court. After the acquisition order has become final, the competent authority may serve a notice in writing to any person who is in possession of the immovable property to surrender or deliver possession thereof to the competent authority, or to any other person authorised by him in writing in this behalf, within 30 days of the date of service of the notice. If the person concerned refuses or fails to surrender or deliver possession of the property, the competent authority or the person authorised by him may take possession of the immovable property and use such force for that purpose as may be necessary. For the purpose of taking possession of the property, the competent authority may requisition the services of any police officer to assist him. It has also been specifically provided that where a requisition is made by the competent authority, it shall be the duty of the police officer concerned to assist him in taking possession of the property. When the possession of the immovable property is taken by the competent authority, the property shall vest absolutely in the Central Government free from all encumbrances. It has been specifically provided that, notwi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t for making such improvements. A reference to the court for determining the amount by which the compensation should be reduced or enhanced will ordinarily be made by the competent authority or the person authorised by him for the purpose within 30 days of the vesting of the property in the Central Government. Where a delay is likely to occur in making the reference, the competent authority will have to apply to the court before the expiry of the aforesaid period of 30 days for allowing him to make a belated reference and if the court is satisfied that there was sufficient cause for doing so, it may allow extension for such time as it may deem fit. The reference application should clearly state the compensation payable under section 269J(1) and the amount by which, in competent authority's estimate, such compensation should be reduced or increased. The court to whom the question of determining the reduction or increase in the compensation may be referred will ordinarily be the principal civil court of original jurisdiction. The Central Government has, however, been empowered under section 269A(c) to appoint any special judicial officer within any specified local limits to perfo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he transferor, notwithstanding that such assets are included in his net wealth. It should be noted that the waiver of penalties for concealment of income or assets is applicable only in the case of the transferee. The transferor will, however, be liable to penalties under section 271(1)(iii) of the Income-tax Act or section 18(1)(iii) of the Wealth-tax Act if a case can be made out against him. [Section 269J(4)] TAXATION LAWS (AMENDMENT) ACT, 1972 Payment or deposit of compensation 19. The competent authority will ordinarily tender the compensation to the person or persons entitled thereto as soon as may be after the property becomes vested in the Central Government. In a case where the compensation payable under section 269J(1) is to be reduced or increased on account of damage caused to the property or improvements made thereto and the matter has been referred to the court for determination, the amount of compensation as reduced or increased by the amount estimated by the competent authority will be payable as aforesaid. Where there is a dispute as to the apportionment of the compensation amongst persons entitled thereto or the persons entitled to compensati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hority's order is preferred to the Appellate Tribunal, the competent authority may request the Tribunal to give an opportunity of being heard to any Valuation Officer nominated by him for the purpose and where such a request is made, the Tribunal will be bound to give such an opportunity. [Section 269L] TAXATION LAWS (AMENDMENT) ACT, 1972 Powers of competent authority 21. The competent authority has been given all the powers which the Commissioner of Income-tax has under section 131 of the Income-tax Act. In other words, the competent authority will have the powers of a court under the Code of Civil Procedure when trying a suit for the purpose of (a) discovery and inspection, (b) enforcing the attendance of any person including any officer of a banking company and examining him on oath, (c) compelling the production of books of account and other documents, and (d) issuing commissions. He will also have the power to impose a fine up to Rs. 500 on a person who intentionally omits to attend or fails to produce books of account or documents in response to summons issued by him. Where the competent authority imposes a fine, he will send a copy of the order to the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1894 or any corresponding law for the time being in force. [Section 269R] Benami property TAXATION LAWS (AMENDMENT) ACT, 1972 Bar on institution of suits claiming ownership of property held benami 25. A new section 281A has been inserted barring institution of suits in any court for claiming ownership over property which is held benami unless certain conditions laid down in this behalf are fulfilled. Under this provision, the real owner of any property held benami or any person acting on his behalf will be debarred from instituting any suit in any court to enforce any right in respect of any property held benami unless the income from such property or the property itself has been disclosed in any return of income or net wealth by the claimant or a notice in the prescribed form and containing the prescribed particulars in respect of the property has been given by the claimant to the Income-tax Officer. The notice will be in Form No. 53 prescribed under rule 122 of the Income-tax Rules, 1962. With a view to enabling the claimant to prove to the satisfaction of the court that the income from property or the property itself has been disclosed in the relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ue as estimated by the registered valuer (i.e., a person registered as a valuer under section 34AB of the Wealth-tax Act) is less than the fair market value of the asset. Other cases in which a reference may be made to the Valuation Officer would be where the Income-tax Officer is of opinion that the fair market value of the asset exceeds the value of the asset as claimed by more than 15 per cent of the value claimed or by more than Rs. 25,000, whichever is less or where, having regard to the nature of the asset and other relevant circumstances, the Income-tax Officer considers it necessary to do so. It will be seen that in a case where the assessee has opted for substitution of the cost of acquisition of an asset by its fair market value as on 1-1-1954, the fair market value as claimed by him may be higher than its actual fair market value. The provisions of section 55A(a) and (b)(i) will, therefore, not apply in such a case. It will, however, be open to the Income-tax Officer to make a reference to the Valuation Officer under section 55A(b)(ii). TAXATION LAWS (AMENDMENT) ACT, 1972 27. The Central Government have appointed a large number of Valuation Officers under se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AXATION LAWS (AMENDMENT) ACT, 1972 29. Under the existing provision in section 254(1A) where, the fair market value of a capital asset adopted under section 52 is questioned before the Appellate Tribunal, the Appellate Tribunal is empowered to refer the question of the disputed value of the arbitration of two valuers, one of whom is ordinarily nominated by the appellant and the other by the respondent. This section has been omitted under section 3 of the Amending Act. Hence, after the coming into force of section 3 of the Amending Act with effect from 1-1-1973, the Appellate Tribunal will not have the power to refer the question of disputed value of a capital asset for arbitration of two valuers and instead the procedure now laid down in the Wealth-tax Act and applied referentially to the proceedings under the Income-tax Act will be followed by the Tribunal. As a transitional measure, however, an independent provision has been made in section 25(1) of the Amending Act specifically providing that while the cases where the appellant had sought a reference of the disputed value of an asset to the arbitration of two valuers prior to the omission of section 254(1A) or such ref ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oted that the Estate Duty Act has not been amended on similar lines, and, accordingly, valuers appointed under section 4 of the Estate Duty Act will continue to perform their functions under that Act as hitherto. TAXATION LAWS (AMENDMENT) ACT, 1972 32. The Valuation Officers will be associated with the valuation of assets at the stage of assessment to wealth-tax. For this purpose, the Wealth-tax Officer may refer the matter of valuation of any asset to the Valuation Officer. The latter will thereupon proceed to deal with the matter and for this purpose, he will give an opportunity to the assessee to present his case regarding valuation of the asset. The valuation will thereafter be finalised by the Valuation Officer after considering the assessee's objections and other evidence. The valuation as made by the Valuation Officer will be binding on the Wealth-tax Officer who will make the assessment in conformity with the said valuation. Ancillary provisions have also been made to confer adequate powers on the Valuation Officers for enabling them to perform their duties including appearance before the appellate authorities. The existing provisions relating to arbitration by two ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e exceeds Rs. 5 lakhs, the reference should be made to the District Valuation Officer; where such value exceeds Rs. 2 lakhs, but does not exceed Rs. 5 lakhs, the reference should be made to the Valuation Officer and where the value declared is less than Rs. 2 lakhs the reference should be made to the Assistant Valuation Officer within whose jurisdiction the land or building is situate. In regard to other assets, the reference should be made to the Valuation Officer appointed in respect of the category of assets in which the asset to be valued falls. No monetary limits have been laid down in regard to the jurisdiction of Valuation Officers other than those appointed for the valuation of lands and buildings. Since the power to make a reference to the Valuation Officer will be available to the Wealth-tax Officer only after 31-12-1972, it has been provided that the rules defining the jurisdiction of Valuation Officers will come into force on 1-1-1973. [Section 46(2)(e) and rule 3A of the Wealth-tax Rules] TAXATION LAWS (AMENDMENT) ACT, 1972 Conditions for reference to the Valuation Officers 35. A new section 16A has been inserted enabling the Wealth-tax Officer to re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation Officer is of opinion that the value of the asset is higher than the value so declared, it will be incumbent upon him to serve a notice on the assessee intimating the value which he proposes to estimate and give him an opportunity to state on a specified date his objections either in person or in writing before the Valuation Officer and to produce or cause to be produced on that date such evidence as the assessee may rely in support of his objections. A similar procedure will have to be followed in a case where the asset in question has not been disclosed or the value of the asset has not been declared in the return of net wealth or where no such return has been furnished. The Valuation Officer will also have the power to require the assessee to produce evidence on any specified points. The Valuation Officer will consider the evidence produced by the assessee as also all other relevant material gathered by him and make an order under section 16A(5) estimating the value of the asset. One copy of this order will be sent to the Wealth-tax Officer and another to the assessee. The valuation made by the Valuation Officer will be binding on the Wealth-tax Officer and it will not be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er's territorial jurisdiction. Similar powers will also be available to the Valuation Officer or the authorised overseer, surveyor or assessor for the purposes of inspecting any asset in respect of which a reference is made by the Wealth-tax Officer. The power of entry into any land, building or other place can be exercised on any day excluding Sundays and holidays under the Negotiable Instruments Act, 1881 between 6.00 A.M. and 6.00 P.M. It has been specifically provided that no Valuation Officer, overseer, surveyor or assessor shall enter any building or place or inspect any asset without giving to the person concerned at least two days' notice in writing of his intention to do so. If, however, a person in charge of or in occupation or possessions of the building, place or asset agrees, the prior two days' notice will not be necessary. Where a person who is required to afford the requisite facilities to the Valuation Officer or any authorised overseer, surveyor or assessor, refuses or evades to afford the facility, the Valuation Officer will have all the powers under sub-sections (1) and (2) of section 37 of the Wealth-tax Act for enforcing compliance with the requirements ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt and give the assessee a reasonable opportunity of being heard. The order of amendment will have to be in writing and copies thereof will have to be sent to the assessee and to the Wealth-tax Officer. The latter will, thereafter, be required to make the necessary amendment to the assessment order so as to give effect to the change made in the valuation of the asset. As in the case of amendment of orders passed by other wealth-tax authorities, the power to amend an order of Valuation Officer can also be exercised only up to 4 years from the date on which the order was passed. The consequential amendment to the order of assessment may, however, be made by the Wealth-tax Officer at any time before the expiry of one year from the date of Valuation Officer's order even though this results in extending the limitation period otherwise available. [Section 35] TAXATION LAWS (AMENDMENT) ACT, 1972 Appeal to the Appellate Assistant Commissioner 40. Section 11 of the Amending Act has made certain amendments in section 23 relating to appeals to the Appellate Assistant Commissioner from the orders of the Wealth-tax Officer. An appeal will lie to the Appellate Assistant Commissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llate Tribunal from orders of enhancement by Commissioners. Hence, after the coming into force of sections 12 and 13 of the Amending Act with effect from 1-1-1973, the Appellate Tribunal will not have the power to refer the question of disputed value of any property for arbitration of two valuers and instead the procedure now laid down in the Wealth-tax Act will be followed by it. An independent provision has been made in section 25(2) of the Amending Act specifically providing that while the cases where the appellant had sought a reference to the disputed value of a property to the arbitration of two valuers prior to the omission of sub-sections (6), (7), (8), (8A) and (8B) of section 24 or such reference had been made before that date will continue to be governed by the pre-existing provisions, no new reference for arbitration will be made after the omission of the aforesaid sub-sections. [Section 25(2) of the Amending Act and sections 24 and 26 of the Wealth-tax Act] TAXATION LAWS (AMENDMENT) ACT, 1972 Registered valuers 42. Section 14 of the Amending Act has inserted a new Chapter VIIB relating to registered valuers. Under new section 34AA, any assessee who i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ervice; or b. if he has been convicted of an offence connected with any proceeding under the Income-tax Act, the Wealth-tax Act or the Gift-tax Act or a penalty has been imposed on him under section 271(1)(iii) or section 273(i) of the Income-tax Act for concealment of income or for furnishing false estimate of advance tax or under section 18(1)(iii) of the Wealth-tax Act for concealment of wealth or under section 17(1)(iii) of the Gift-tax Act for concealment of particulars of any gift; or c. he is an undischarged insolvent; or d. he has been convicted of any offence and sentenced to a term of imprisonment or has been found guilty of misconduct in his professional capacity which, in the opinion of the Board, renders him unfit to be registered as a valuer. In the application form, the applicant will have to declare that he is not disqualified from applying for registration on account of any of the reasons referred to in (a), (b) and (c) above. An application for registration as a valuer must be accompanied by a fee of Rs. 250. [The Central Board of Direct Taxes will not accept cheques, drafts, hundis or other negotiable instruments in payment of the prescribed fee. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. Machinery and plant O-7 8. Jewellery O-8 9. Works of art O-9 10. Life interest, reversions and interest in expectancy O-10 TAXATION LAWS (AMENDMENT) ACT, 1972 44. Section 34AC seeks to place certain restrictions on practice as a registered valuer. Under sub-section (1), no person either alone or in partnership with any other person shall be entitled to practise, describe or hold himself out as a registered valuer or permit himself to be so described or held out unless he is registered as a valuer or, in the case of partnership, unless all the partners are registered as valuers. Sub-section (2) imposes a ban on a company or other corporate body to practise, describe itself or hold itself out as a registered valuer or permit itself to be so described or held out. TAXATION LAWS (AMENDMENT) ACT, 1972 45. Section 34AD provides for the removal of the names of valuers from the Register and also for their restoration. The Board has been empowered to remove the name of any person from the Register of valuers where it is satisfied after giving the person concerned a reasonable opportunity of being heard and after suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... new provision, the Gift-tax Officer may refer the valuation of any property to a Valuation Officer in case where the assessee has got the property valued by a registered valuer and the Gift-tax Officer is of opinion that the value as estimated by the registered valuer (i.e., a person registered as a valuer under section 34AB of the Wealth-tax Act) is less than the fair market value of the asset. Other cases in which a reference may be made to the Valuation Officer would be where the Gift-tax Officer is of opinion that the fair market value of the property exceeds the value of the property as returned by more than 331/3 per cent of the value returned or by more than Rs. 50,000, whichever is less, or where, having regard to the nature of the property and other relevant circumstances, the Gift-tax Officer considers it necessary to do so. TAXATION LAWS (AMENDMENT) ACT, 1972 49. The Central Government has appointed a large number of Valuation Officers under section 12A of the Wealth-tax Act and these Valuation Officers will perform their functions in relation to categories of assets for which they have been appointed. The jurisdiction of the Valuation Officers has been defi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llate Tribunal is empowered to refer the question of the disputed value to the arbitration of two valuers, one of whom is ordinarily nominated by the appellant and the other by the respondent. These provisions have been omitted under section 22 of the Amending Act. Consequential changes have also been made in section 25 relating to appeals to the Appellate Tribunal from orders of enhancement by Commissioners. Hence, after the coming into force of sections 22 and 23 of the Amending Act, with effect from 1-1-1973, the Appellate Tribunal will not have the power to refer the question of disputed value of any property for arbitration of two valuers and instead the procedure now laid down in the Wealth-tax Act and applied referentially to proceedings under the Gift-tax Act will be followed by the Tribunal. As a transitional measure, however, an independent provision has been made in section 25(3) of the Amending Act specifically providing that while the cases where the appellant had sought a reference of the disputed value of the property to the arbitration of two valuers prior to the omission of sub-sections (6), (7) and (8) of section 23 or such reference had been made before that date ..... X X X X Extracts X X X X X X X X Extracts X X X X
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