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

In a search, the authorised officer makes a reference to a valuer to estimate the fair market value of a property. The reference is made on 5 March and the valuer receives it on 8 March. Within how many days from the date of receipt must the valuer submit the report under section 247 of the Income-tax Act, 2025?

The valuer must submit the report within sixty days from the date of receipt of the reference. Because the reference was received on 8 March, the period runs from that date and not from the date the officer made the reference.

  1. AThirty days from 8 March
  2. BSixty days from 8 MarchCorrect
  3. CSixty days from 5 March
  4. DSix months from 8 March

Explanation

Section 247(9)(b) requires the valuer to submit the estimate report to the authorised officer or Assessing Officer within sixty days from the date of receipt of the reference. The receipt date is 8 March, so the period runs from then. Counting from 5 March, the date of making the reference, is wrong.

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