The Central Government in exercise of the powers conferred under Section 470(1) of the Companies Act, 2013, passed an order called the Companies (Removal of Difficulties) Second Order, 2014 dated June 2, 2014 to the effect that the Company Law Board shall exercise the jurisdiction, powers, authority and functions under Section 74(2) of the Act until a date is notified by the Central Government under Section 434(1) of the Act. - Gazette Notification dated June 6, 2014
The division Bench of the Delhi High Court in Pr.Commissioner of Wealth Tax vs. Raghu Hari Dalmia held that a valuation report made by a registered valuer once adopted shall be in effect for four assessment years unless an event has occurred whereby the value is increased or decreased. The High Court made it clear that the event of “search” under Section 132 of the Income Tax Act, 1961 cannot compel the assessee to undertake a fresh valuation.
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