Income Tax Act, 2025
Section 7: Ins. by Act 36 of 1989, s. 15 (w.e.f. 11989).
7. Ins. by Act 36 of 1989, s. 15 (w.e.f. 11989).
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1[142A. Estimation of value of assets by Valuation Officer.—(1) The Assessing Officermay, 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).]
2[143. Assessment.—3[(1) Where a return has been made under section 139, or in response to a notice
under sub-section (1) of section 142, such return shall be processed in the following manner, namely:—
(a) the total income or loss shall be computed after making the following adjustments, namely:—
(i) any arithmetical error in the return; 4***
(ii) an incorrect claim, if such incorrect claim is apparent from any information in the return;
5[(iii) disallowance of loss claimed, if return of the previous year for which set off of loss is
claimed was furnished beyond the due date specified under sub-section (1) of section 139;
(iv) disallowance of expenditure indicated in the audit report but not taken into account in
computing the total income in the return;
(v) disallowance of deduction claimed under sections 10AA, 80-IA, 80-IAB, 80-IB,
80-IC, 80-ID or section 80-IE, if the return is furnished beyond the due date specified under
sub-section (1) of section 139; or
(vi) addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been
included in computing the total income in the return:
The Assessing Officermay, 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.
The Assessing Officer may make a reference to the Valuation Officer under sub-section
whether or not he is satisfied about the correctness or completeness of the accounts of the assessee.
The Valuation Officer, on a reference made under sub-section
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.
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.
The Valuation Officer shall send a copy of the report of the estimate made under sub-section
or sub-section
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
of section 2
of the Wealth-tax Act, 1957 (27 of 1957).]
2[143. Assessment.—3[
Where a return has been made under section 139, or in response to a notice
under sub-section
of section 142, such return shall be processed in the following manner, namely:—
the total income or loss shall be computed after making the following adjustments, namely:—
any arithmetical error in the return; 4***
an incorrect claim, if such incorrect claim is apparent from any information in the return;
5[
disallowance of loss claimed, if return of the previous year for which set off of loss is
claimed was furnished beyond the due date specified under sub-section
of section 139;
disallowance of expenditure indicated in the audit report but not taken into account in
computing the total income in the return;
disallowance of deduction claimed under sections 10AA, 80-IA, 80-IAB, 80-IB,
80-IC, 80-ID or section 80-IE, if the return is furnished beyond the due date specified under
sub-section
of section 139; or
addition of income appearing in Form 26AS or Form 16A or Form 16 which has not been
included in computing the total income in the return: