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

A search was last executed on 5 April 2027. The authorised officer made a reference to a registered valuer on 30 April 2027 to estimate the fair market value of a property. Which statement follows from the Income-tax Act, 2025?

The reference is valid because it was made within sixty days of the last authorisation being executed. The valuer must then submit the fair market value report within sixty days from receiving the reference, not from the date of the search.

  1. AThe reference is within time, and the valuer must submit the report within sixty days of receiving the referenceCorrect
  2. BThe reference is out of time because it must be made during the search itself
  3. CThe reference is within time, and the valuer must submit the report within thirty days of the search
  4. DThe reference is valid only if made by the Commissioner, with a ninety-day reporting period

Explanation

Section 247(9) allows reference during the search or within sixty days from execution of the last authorisation; 30 April is within that. The valuer reports within sixty days from receipt of the reference, not from the search date.

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