India - Income Tax Act 2010 - Saarc

1.663 CH. XIV - PROCEDURE FOR ASSESSMENT S. 14362[Estimate by Valuation Officer in certain cases.142A. (1) For the purposes of making an assessment or reassessment under thisAct, where an estimate of the value of any investment referred to insection 69 or section 69B or the value of any bullion, jewellery or other valuablearticle referred to in section 69A or section 69B 62a [or fair market value of anyproperty referred to in sub-section (2) of section 56] is required to be made, theAssessing Officer may require the Valuation Officer to make an estimate of suchvalue and report the same to him.(2) The Valuation Officer to whom a reference is made under sub-section (1)shall, for the purposes of dealing with such reference, have all the powers thathe has under section 38A of the Wealth-tax Act, 1957 (27 of 1957).(3) On receipt of the report from the Valuation Officer, the Assessing Officer may,after giving the assessee an opportunity of being heard, take into account suchreport in making such assessment or reassessment:Provided that nothing contained in this section shall apply in respect of anassessment made on or before the 30th day of September, 2004, and where suchassessment has become final and conclusive on or before that date, except incases where a reassessment is required to be made in accordance with theprovisions of section 153A.Explanation.—In this section, “Valuation Officer” has the same meaning as inclause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).]63[Assessment 64 .65143. 66 [(1) Where a return has been made under section 139, or in responseto a notice under sub-section (1) of section 142, such return shall beprocessed in the following manner, namely:—62. Inserted by the Finance (No. 2) Act, 2004, w.r.e.f. 15-11-1972.62a. Inserted by the Finance Act, 2010, w.e.f. 1-7-2010.63. Substituted by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Section 143was earlier amended by the Taxation Laws (Amendment) Act, 1970, w.e.f. 1-4-1971,Finance Act, 1974, w.e.f. 1-4-1975, Finance Act, 1976, w.e.f. 1-4-1976, Finance (No. 2) Act,1980, w.e.f. 1-4-1980 and Finance Act, 1987, w.e.f. 1-4-1988.64. The provisions of section 143 as they stood before the commencement of the Direct TaxLaws (Amendment) Act, 1987, shall apply in respect of assessments for the assessmentyear commencing on the 1st day of April, 1988 and any earlier assessment year—videIncome-tax (Removal of Difficulties) Order, 1989.65. See also Circular No. 201, dated 5-7-1976, Instruction No. 1395, dated 15-5-1981 [Source :114th Report [1982-83] of the Public Accounts Committee, pp. 16-17], Circular No. 230,dated 27-10-1977. Relevant extracts from minutes of 12th meeting of CDTAC held on17-8-1967, Circular No. 18(XL-37), dated 28-4-1955, Circular No. 125, dated 26-11-1973,Circular No. 36(XL-52), dated 19-11-1958, Circular No. 50(XL-43), dated 28-12-1956, Letter[F.No. 91/41/67/ITJ(25)], dated 3-7-1967, Letter [F.No. 81/27/65-IT(B)], dated18-5-1965, Circular No. 14(XL-35), dated 11-4-1955, Circular No. 3 of 1942, dated16-1-1942, Circular No. 601, dated 4-6-1991, Instruction No. 574, dated 27-7-1993, CircularNo. 4/2003, dated 14-5-2003, Instruction No. 1/2008, dated 9-1-2008, Instruction No. 2/2008, dated 22-2-2008, Instruction No. 6/2008, dated 18-6-2008, Instruction No. 11/2008,dated 5-9-2008, Instruction No. 12/2008, dated 5-9-2008, Instruction No. 17/2008, dated26-11-2008. For details, see Taxmann’s Master Guide to Income-tax Act.For relevant case laws, see Taxmann’s Master Guide to Income-tax Act.66. Sub-sections (1) to (1C) substituted for sub-section (1) by the Finance Act, 2008, w.e.f.1-4-2008. Prior to its substitution, sub-section (1), as amended by the Direct Tax Laws(Amendment) Act, 1989, w.e.f. 1-4-1989, Direct Tax Laws (Second Amendment) Act, 1989,w.e.f. 1-4-1989, Finance Act, 1992, w.e.f. 1-4-1993, Finance Act, 1997, w.e.f. 1-4-1998,Finance Act, 1999, w.e.f. 1-6-1999 and Finance Act, 2001, w.e.f. 1-6-2001, read as under :(Contd. on p. 1.664)