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

In a search under section 247 of the Income-tax Act, 2025, the last authorisation for search was executed on 10 March 2027. The authorised officer wishes to refer a property to a valuer. Within what period from that date may he make the reference, and within what period must the valuer submit the report from receipt of the reference?

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

  1. AReference within sixty days of the last authorisation's execution; report within sixty days of receiptCorrect
  2. BReference within six months; report within sixty days of receipt
  3. CReference within sixty days; report within thirty days of receipt
  4. DReference within thirty days; report within ninety days of receipt

Explanation

Section 247(9) permits 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 mix up periods from different sub-sections.

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