Income Tax Act, 2025
Section 2: Subs. by Act 67 of 1984, s. 24, for “twelve per cent.” (w.e.f. 11984).
2. Subs. by Act 67 of 1984, s. 24, for “twelve per cent.” (w.e.f. 11984).
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(b) for the purpose of estimating the amount by which the compensation payable under subsection (1) of section 269J in respect of any immovable property may be reduced or, as the case may
be, increased under clause (a) or clause (b) of sub-section (2) of that section, require the Valuation
Officer to make such estimate and report the same to him.
(2) The Valuation Officer to whom a reference is made under clause (a) or clause (b) of sub-section
(1) shall, for the purpose of dealing with such reference, have all the powers that he has under section
38A of the Wealth-tax Act, 1957 (27 of 1957).
(3) If in an appeal under section 269G against the order for acquisition of any immovable property,
the fair market value of such property is in dispute, the Appellate Tribunal shall, on a request being made
in this behalf by the competent authority, give an opportunity of being heard to any Valuation Officer
nominated for the purpose by the competent authority.
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).
269M. Powers of competent authority.—The competent authority shall have, for the purposes of
this Chapter, all the powers that a 1[Principal Commissioner or Commissioner] has, for the purposes of
this Act, under section 131.
269N. Rectification of mistakes.—With a view to rectifying any mistake apparent from the record,
the competent authority may amend any order made by him under this Chapter at any time before the
time for presenting an appeal against such order has expired, either on his own motion or on the mistake
being brought to his notice by any person affected by the order:
Provided that if any such amendment is likely to affect any person prejudicially, it shall not be made
without giving to such person a reasonable opportunity of being heard.
269-O. Appearance by authorised representative or registered valuer.—Any person who is
entitled or required to attend before a competent authority or the Appellate Tribunal in any proceeding
under this Chapter, otherwise than when required to attend personally for examination on oath or
affirmation, may attend—
(a) by an authorised representative in connection with any matter;
(b) by a registered valuer in connection with any matter relating to the valuation of any
immovable property for the purposes of this Chapter or the estimation of the amount by which the
compensation payable under sub-section (1) of section 269J for the acquisition of any immovable
property may be reduced or, as the case may be, increased in accordance with the provisions of clause
(a) or clause (b) of sub-section (2) of that section.
Explanation.—In this section,—
(i) “authorised representative” has the(b) by a registered valuer in connection with any matter
relating to the valuation of any immovable property for the purposes of this Chapter or the estimation
of the amount by which the compensation payable under sub-section (1) of section 269J for the
acquisition of any immovable property may be reduced or, as the case may be, increased in
accordance with the provisions of clause (a) or clause (b) of sub-section (2) of that section.
Explanation.—In this section,—
(i) “authorised representative” has the same meaning as in section 288;
(ii) “registered valuer” has the same meaning as in clause (oaa) of section 2 of the Wealth-tax
Act, 1957 (27 of 1957).
for the purpose of estimating the amount by which the compensation payable under subsection
of section 269J in respect of any immovable property may be reduced or, as the case may
be, increased under clause
or clause
of sub-section
of that section, require the Valuation
Officer to make such estimate and report the same to him.
The Valuation Officer to whom a reference is made under clause
or clause
of sub-section
shall, for the purpose of dealing with such reference, have all the powers that he has under section
38A of the Wealth-tax Act, 1957 (27 of 1957).
If in an appeal under section 269G against the order for acquisition of any immovable property,
the fair market value of such property is in dispute, the Appellate Tribunal shall, on a request being made
in this behalf by the competent authority, give an opportunity of being heard to any Valuation Officer
nominated for the purpose by the competent authority.
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).
269M. Powers of competent authority.—The competent authority shall have, for the purposes of
this Chapter, all the powers that a 1[Principal Commissioner or Commissioner] has, for the purposes of
this Act, under section 131.
269N. Rectification of mistakes.—With a view to rectifying any mistake apparent from the record,
the competent authority may amend any order made by him under this Chapter at any time before the
time for presenting an appeal against such order has expired, either on his own motion or on the mistake
being brought to his notice by any person affected by the order:
Provided that if any such amendment is likely to affect any person prejudicially, it shall not be made
without giving to such person a reasonable opportunity of being heard.
269-O. Appearance by authorised representative or registered valuer.—Any person who is
entitled or required to attend before a competent authority or the Appellate Tribunal in any proceeding
under this Chapter, otherwise than when required to attend personally for examination on oath or
affirmation, may attend—
by an authorised representative in connection with any matter;
by a registered valuer in connection with any matter relating to the valuation of any
immovable property for the purposes of this Chapter or the estimation of the amount by which the
compensation payable under sub-section
of section 269J for the acquisition of any immovable
property may be reduced or, as the case may be, increased in accordance with the provisions of clause
or clause
of sub-section
of that section.
Explanation.—In this section,—
“authorised representative” has the
by a registered valuer in connection with any matter
relating to the valuation of any immovable property for the purposes of this Chapter or the estimation
of the amount by which the compensation payable under sub-section
of section 269J for the
acquisition of any immovable property may be reduced or, as the case may be, increased in
accordance with the provisions of clause
or clause
of sub-section
of that section.
Explanation.—In this section,—
“authorised representative” has the same meaning as in section 288;
“registered valuer” has the same meaning as in clause
of section 2 of the Wealth-tax
Act, 1957 (27 of 1957).