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SEC: 55A OF IT

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07 June 2009 PLEASE EXPLAIN ME ABOUT SEC : 55 A OF IT
THAT IS , VALUATION OFFICER
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
07 June 2009 Under the following circumstances the AO may refer the valuation of the capital asset to the VO and his valuation report shall be binding on the AO:-
1.Where the value of the asset is estimated by the registered valuer but the AO is of the opnion that the value so determined is less than its fair market value.
2. In any other case the AO is of the opinion that:
a)the fair market value of the asset exceeds the value of the assets declared by the assessee either by more than 15% or by Rs. 25,000/- or
b) the nature of the asset and other relevant circumstances are such that it is necessary to do so.
Pl also refer rule 111AA.
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