Para. III(b) of Board's Circular No. 3 W.T. of 1957, dated September 28, 1957-Clarification in regard to withdrawal thereof

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..... ined in Para. III(b) of the Board's Circular No. 3 W.T. of 1957, dated September 28, 1957, wherein it was stated that the valuation fixed in one assessment year need not be disturbed for two succeeding assessment years except in certain circumstances. The said Circular was withdrawn by the Board's letter No. 319/12/74, W.T., dated April 5, 1974. Certain references have been received in the Board t .....

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..... on that the value as estimated by the registered valuer is less than the fair market value of the asset. Other cases in which reference may be made to the Valuation Officer would be where the Wealth-tax Officer is of the opinion that the fair market value of the asset exceeds the value of the asset as returned by more than 33-1/3% of the value returned or by more than Rs. 50,000, whichever is less .....

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