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CMA Final · Direct Tax Laws and International Taxation · Survey, Search and Seizure

A search under section 247 of the Income-tax Act, 2025 concludes with the last authorisation executed on 5 March. The authorised officer wishes to refer valuation of a seized property to a registered valuer. Which statement is correct?

The reference to the valuer can be made during the search or within sixty days from the date the last authorisation was executed. The valuer must then submit the fair market value report within sixty days from receiving the reference.

  1. AThe reference may be made during the search or within sixty days from 5 March, and the valuer must report within sixty days of receiving the referenceCorrect
  2. BThe reference may be made only after assessment begins, and the valuer has thirty days to report
  3. CThe reference may be made within six months from 5 March, and the valuer must report within sixty days
  4. DThe reference may be made within sixty days from 5 March, and the valuer has six months to report

Explanation

Section 247(9) allows the reference during the search or seizure, or within sixty days from the date the last authorisation was executed. The valuer must submit the report within sixty days from receipt of the reference. The other options change one or both periods.

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