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INTRODUCTION
REGISTRATION AND
EMPANELMENT
maintained
by
the
Income
Tax
Department under this Act.
Eligibility
criteria with qualifications required for
obtaining this registration under the 10
prescribed categories are laid down in
Rule 8A of the Wealth Tax Rules, 1957. It
may be noted that there are a few class
of assets in this list which are in fact
exempted from Wealth Tax (not
taxable) but yet included for the
purpose of registration, viz. Category-II
(Agricultural
Lands),
Category-VII
(Machinery & Plant), Category-IX (Works
of Art).
It is also noteworthy that 10 different
formats of valuation reports are prescribed
in Rule 8D of Wealth Tax Rules. It is
evident from the contents of these formats
that it is possible only for a qualified valuer
having specific knowledge related to
particular class of assets to justify such a
detailed valuation report.
Such registered valuers can also provide
services to assessees for various
purposes under the Income Tax Act.
However, this registration does not
automatically entitle a valuer to execute
any / all valuation assignments other than
for Wealth Tax and Income Tax purposes.
For that matter, earlier when the Estate
Duty Act (under subsection 4(3)) coexisted with the Wealth Tax Act, valuers
had to be obtain separate registrations
under both these Acts.
Furthermore, a valuation report though
issued by a Registered Valuer, is not
binding on the Assessing Officer
(Wealth Tax/Income Tax Officer).
RBI
Master
Circular
Management of Advances
on
CASE LAWS
(i)
P.T. Mathai & Another Vs. South
Indian Bank & Others decided by the
High Court of Kerala at Ernakulam on 7
April-2015. The details of this case are
published in the May-2015 issue of this
Indian Valuer Journal. In this case, the
Debts Recovery Tribunal (DRT) rejected
the valuation report for immovable
property issued by Plant & Machinery
CONCLUSION