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I-T dept won't question registered valuer's report

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The valuation report from a registered valuer will not be questioned by the income tax department for disclosures made under the domestic black money compliance scheme, the CBDT clarified on Thursday .
“The valuer is expected to furnish a true and correct valuation report in accordance with accepted principles of valuation. In case of any misrepresentation, appropriate action as per law shall be taken against the registered valuer,“ said the fifth set of FAQs.
 
CBDT had received representations from stakeholders to provide an option to value the immovable property on the basis of the registered value. “After due consideration, the rules have been amended to provide that where acquisition of an immovable property is evidenced by a registered deed, an option shall be available with the declarant to declare the fair market value of such property by applying the cost inflation index to stamp duty value of property ,“ the FAQs said.
 
The Times of India, New Delhi, 19 August 2016

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