Income tax

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darshit

darshit (Querist)
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19 January 2013 If reference is made to valuation office by A.O., is the findings of valuation officer binding on A.O.?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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20 January 2013 Findings of Valuation Officer is not always binding on the AO.
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The Value as adopted by the assessee, or as assessed by the Stamp Valuation Authority (SVA) is if lesser than the valuation made by the valuation officer, in such cases, the AO can not take the higher value. The value adopted by the assessee or SVA will ONLY BE CONSIDERED.
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However, lesser valuation made by the Valuation Officer is binding upon the AO.
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