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

The authorised officer, in a search concluded on 5 August (last authorisation executed that day), refers a property to a registered valuer on 10 September, within the permitted window under section 247 of the Income-tax Act, 2025. The valuer receives the reference on 15 September. By which date must the valuer submit the report of fair market value?

The valuer must submit the report within sixty days from the date of receipt of the reference, not from the date it was made. Receipt was on 15 September, so sixty days end on 14 November.

  1. A14 NovemberCorrect
  2. B15 October
  3. C4 October
  4. D9 November

Explanation

The reference on 10 September is within sixty days of 5 August (limit 4 October), so it is valid. The report is due within sixty days from the date of receipt of the reference, 15 September. Fifteen days remain in September, 31 in October gives 46, and 14 more days gives 60, so the date is 14 November. Option D counts from 10 September, which is the wrong starting date.

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