Substitution of new section for section 142A
Section 51 of the Finance Act, 2014 deals with substitution of new section for section 142A. Substitution of new section for section 142A.
Substitution of new section for section 142A.
51. For section 142A of the Income-tax Act, the following section shall be substituted with effect from the 1st day of October, 2014, namely:—
'142A. Estimation of value of assets by Valuation Officer.—
(1) The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him.
(2) The Assessing Officer may make a reference to the Valuation Officer under sub-section (1) whether or not he is satisfied about the correctness or completeness of the accounts of the assessee.
(3) The Valuation Officer, on a reference made under sub-section (1), shall, for the purpose of estimating the value of the asset, property or investment, have all the powers that he has under section 38A of the Wealth-tax Act, 1957 (27 of 1957).
(4) The Valuation Officer shall, estimate the value of the asset, property or investment after taking into account such evidence as the assessee may produce and any other evidence in his possession gathered, after giving an opportunity of being heard to the assessee.
(5) The Valuation Officer may estimate the value of the asset, property or investment to the best of his judgment, if the assessee does not co-operate or comply with his directions.
(6) The Valuation Officer shall send a copy of the report of the estimate made under sub-section (4) or sub-section (5), as the case may be, to the Assessing Officer and the assessee, within a period of six months from the end of the month in which a reference is made under sub-section (1).
(7) The Assessing Officer may, on receipt of the report from the Valuation Officer, and after giving the assessee an opportunity of being heard, take into account such report in making the assessment or reassessment.
Explanation.—In this section, "Valuation Officer" has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).'.
© Copyright. Taxmann Publications Pvt. Ltd.
Section 51, The Finance Act, 2014 (Act 25 of 2014).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 51
What does Section 51 of the Finance Act deal with?
Section 51 of the Finance Act is headed "Substitution of new section for section 142A". Substitution of new section for section 142A.
How do I find court cases under Section 51 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2014 51, section 51 Finance Act 2014, section 51 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 51 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 142A (Estimation of value of assets by Valuation Officer), Wealth-tax Act 2 (Definitions), Wealth-tax Act 38A (Powers of Valuation Officer, etc), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2014 as Act 25 of 2014. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. THE FIRST SCHEDULE7973 words
- 2. Income-tax3522 words
- 114. Amendment of Act 32 of 19941078 words
- 3. Amendment of section 21041 words
- Seventh Schedule. THE SEVENTH SCHEDULE908 words
- 76. Substitution of new section for section 285BA878 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.