Rule 55 prescribes the two figures for section 91(1)(b)(i), the conditions for a reference to a Valuation Officer: a percentage of the value of the asset and a rupee amount.
55
Rules 2026 · Rule 55
Reference to VO
Rules 49-59
Rules 2026 · Rule 55
Rules 49-59
Rule 55 prescribes the two figures for section 91(1)(b)(i), the conditions for a reference to a Valuation Officer: a percentage of the value of the asset and a rupee amount.
The figures. For section 91(1)(b)(i): (a) the percentage of the value of the asset is 15%; and (b) the amount is ten lakh rupees.
Use. The rule supplies the numbers only; how the two are applied is in section 91(1)(b)(i).