SECTION 55A OF THE INCOME TAX ACT- BASIC UNDERSTANDING FOR A IBBI REGISTERED VALUER
Section 55A of the Income Tax Act confers powers on the Assessing Officer to revalue the capital asset and bring it to fair valuation. The discretion of the Assessing Officer plays a major role in the application of the said powers.
Section 55A of the Income Tax Act reads as follows:
Reference to Valuation Officer. 55A.
With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the [Assessing] Officer may refer the valuation of capital asset to a Valuation Officer—………….
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