Registration of valuers
Section 34AB of the Wealth-tax Act, 1957 deals with registration of valuers. The [Chief Commissioner or Director General] shall maintain a register to be called the Register of Valuers in which shall be entered the names and addresses of persons registered under sub-section (2) as valuers. The Act came into force on 01 Apr 1957.
(1) The [Chief Commissioner or Director General] shall maintain a register to be called the Register of Valuers in which shall be entered the names and addresses of persons registered under sub-section (2) as valuers.
(2) Any person who possesses the qualifications prescribed in this behalf may apply to the [Chief Commissioner or Director General] in the prescribed form for being registered as a valuer under this Provided that different qualifications may be prescribed for valuers of different classes of assets.
(3) Every application under sub-section (2) shall be verified in the prescribed manner, shall be accompanied by such fees as may be prescribed and shall contain a declaration to the effect that the applicant will—
(i) make an impartial and true valuation of any asset which he may be required to value;
(ii) furnish a report of such valuation in the prescribed form;
(iii) charge fees at a rate not exceeding the rate or rates prescribed in this behalf;
(iv) not undertake valuation of any asset in which he has a direct or indirect interest.
(4) The report of valuation of any asset by a registered valuer shall be in the prescribed form and be verified in the prescribed manner.
Section 34AB, The Wealth-tax Act, 1957 (Act 27 of 1957).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Referred to by 8
- Finance Act s. 58 Amendment of section 34AB
- Income-tax Rules s. 11U Meaning of expressions used in determination of fair market value
- Income-tax Rules s. 17CB [Method of valuation for the purposes of sub-section (2) of section 115TD
- s. 2 Definitions
- s. 34ACC Furnishing of particulars in certain cases
- s. 34AE Existing registered valuers to apply afresh
- s. 35D False statement in verification, etc., made under certain provisions of the Act
- s. 35E False statement in verification mentioned in section 34AB
Questions about Section 34AB
What does Section 34AB of the Wealth-tax Act deal with?
Section 34AB of the Wealth-tax Act is headed "Registration of valuers". The [Chief Commissioner or Director General] shall maintain a register to be called the Register of Valuers in which shall be entered the names and addresses of persons registered under sub-section (2) as valuers.
How do I find court cases under Section 34AB of the Wealth-tax 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: Wealth Tax Act 34AB, section 34AB Wealth Tax Act, section 34AB of the Wealth-tax 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 34AB of the Wealth-tax Act, and has it changed?
8 other provisions in this corpus refer back to it.
When did Section 34AB of the Wealth-tax Act come into force?
Section 34AB of the Wealth-tax Act, cited as Wealth Tax Act 34AB, came into force on 01 Apr 1957, having been enacted on 12 Sep 1957. It is in force as at the date shown on this page.
Other sections of this Act
- 37A. Power of search and seizure2438 words
- 2. Definitions2369 words
- 4. Net wealth to include certain assets1796 words
- 18. Penalty for failure to furnish returns, to comply with notices and concealment of assets, etc1680 words
- 22D. Procedure on receipt of an application under section 22C1492 words
- 21. Assessment when assets are held by courts of wards, administrators-general, etc1354 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. Recovered from the consolidated text published by India Code on the Act's own item (3fd2ecf9-23b2-4ae9-b5fe-a23fd3c0080f). India Code lists this Act but publishes no sections for it, so there was nothing to harvest, only a document to read. This page is not a substitute for legal advice.