Application for registration as valuer.

Application for registration as valuer.  

8B. (1) An application for registration as a valuer under section 34AB shall be in Form N and shall be verified in the manner specified therein and shall be accompanied by a fee of Rs. 1,000 which shall not be refunded if the application is rejected.

      (2) In the case of a person whose name has been included in the Register of Valuers on or after the 1st day of June, 1985, but before the 1st day of June, 1988, and who makes an application for continuation of his registration as a valuer under sub-section (1) of section 34AE, such application need not be accompanied by any fee.

      (3) Where an application for registration as a valuer is pending before the Board immediately before the 1st day of June, 1988, and such application includes the details of the revised qualifications specified in sub-rules (2), (6), (7), (8), (9) and (11) of rule 8A, such application may be treated as valid if the applicant remits a further fee of Rs. 750 to the Chief Commissioner or the Director General within a period of three months from the 1st day of June, 1988:

Provided that where such application does not include the revised qualifications as specified in the aforesaid provisions of rule 8A, a fresh application for registration as a valuer shall be made and the fee already paid by the applicant shall be adjusted towards the payment of fee of Rs. 1,000 :

Provided further that where any person has become ineligible for making an application for registration as a valuer in view of the revised qualifications specified in the aforesaid provisions of rule 8A, the fee already paid by the applicant shall be refunded on an application made by him to the Chief Commissioner or Director General.

Furnishing of particulars in certain cases.

 

8BB. [Omitted by the Wealth-tax (Second Amendment) Rules, 1980, w.e.f. 28-1-1980. Original rule was inserted by the Wealth-tax (Second Amendment) Rules, 1974, w.e.f. 8-10-1974.]

Scale of fees to be charged by a registered valuer.  

8C. (1) Subject to the provisions of sub-rules (2) and (3), the fees to be charged  by a registered valuer for valuation of any asset shall not exceed the amount calculated at the following rates, namely:—

           (a) On the first Rs. 5,00,000 of the asset as valued                              ¹/₂ per cent of the value;

           (b) On the next Rs. 10 lakhs of the asset as valued                             ¹/₅ per cent of the value;

           (c) On the next Rs. 40 lakhs of the asset as valued                             ¹/₁₀ per cent of the value;

           (d) On the balance of the asset as valued                                           ¹/₂₀ per cent of the value.

      (2) Where two or more assets are required to be valued by a registered valuer at the instance of an assessee, all such assets shall be deemed to constitute a single asset for the purposes of calculating the fees payable to such registered valuer.

      (3) Where the amount of fees calculated in accordance with sub-rules (1) and (2) is less than Rs. 500, the registered valuer may charge Rs. 500 as his fees.

Form of report of valuation by registered valuer

8D.     The report of valuation by a registered valuer in respect of any asset specified in column (1) of the Table below shall be in the Form specified in the corresponding entry in column (2) thereof and shall be verified in the manner indicated in such Form :—

                                                            TABLE

	1	2
(i)	Immovable property (other than agricultural lands,
	plantations, forests, mines and quarries)	Form O-1
(ii)	Agricultural lands (other than coffee, tea, rubber and
	cardamom plantations)	Form O-2
(iii)	Coffee, tea, rubber or cardamom plantations	Form O-3
(iv)	Forests	Form O-4
(v)	Mines and quarries	Form O-5
(vi)	Stocks, shares, debentures, securities, shares in partnership
	firms and business assets including goodwill but excluding
	those referred to in any other item in this Table	Form O-6
(vii)	Machinery and plant	Form O-7
(viii)	Jewellery	Form O-8
(ix)	Works of art	Form O-9
(x)	Life interest, reversions and interest in expectancy	Form O-10.

Registered valuer when to be guilty of misconduct in his professional capacity for purposes of  section 34AD  

8E. For the purposes of section 34AD of the Act, a registered valuer shall be deemed to have been guilty of misconduct in his professional capacity if he has been found so guilty,—

      (i)   in a case where he is a member of any association or institution established in India having as its object the control, supervision, regulation or encouragement of the profession of engineering, architecture, accountancy, or company secretaries or such other profession as the Board may specify in this behalf by notification in the Official Gazette, by such association or institution; or

      (ii) in any other case, by the Chief Commissioner or the Director General, in accordance with the procedure laid down in rule 8F and rules 8H to 8K.

 Charge sheet  

8F. (1) Where the Chief Commissioner or the Director General, on the basis of information in its possession, is of the opinion that any registered valuer, or any other person, not being a person referred to in sub-clause (i) of clause (e) of sub-rule (13) of rule 8A, who has made an application for registration as a valuer under rule 8B, is guilty of professional misconduct in connection with any proceeding under any law for the time being in force, he shall frame definite charges against such person and shall communicate them in writing to him together with a statement of the allegations in support of the charges.

      (2) On receipt of the charge sheet and the statement referred to in sub-rule (1), the person shall be required to submit within thirty days of the receipt of the said charge sheet and the statement or, within such further time as the Chief Commissioner or the Director General may, on an application made by that person allow in this behalf, a written statement of his defence and also to state whether he desires to be heard in person.

Inquiry Officer.

8G. [Omitted by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988. Original rule was inserted by the Wealth-tax (Second Amendment) Rules, 1980, w.e.f. 28-1-1980.]

 Proceedings before Inquiry Officer

8H. (1) On receipt of the written statement of defence, or if no such statement is received within the time specified, the Inquiry Officer shall inquire into such of the charges as are not admitted.

      (2) The Inquiry Officer shall, in the course of the inquiry, consider such documentary evidence and take such oral evidence as may be relevant or material in regard to the charges.

      (3) The person who has made an application for registration as a valuer, or, as the case may be, the registered valuer, shall be entitled to cross-examine the witnesses examined in support of the charges and to give evidence in person.

      (4) If the Inquiry Officer declines to examine any witness on the ground that his evidence is not relevant or material, he shall record his reasons in writing.

      (5) At the conclusion of the inquiry, the Inquiry Officer shall prepare a report of the inquiry, recording his findings on each of the charges together with the reasons therefore.

Order of the Chief Commissioner or the Director General

8-I.  (1) The Chief Commissioner or the Director General shall consider the report of the Inquiry Officer and record his findings on each charge and, where he does not agree with the finding of the Inquiry Officer shall record the reasons for his disagreement.

       (2) If the Chief Commissioner or the Director General is satisfied on the basis of his findings on the Inquiry Officer’s report that the registered valuer or, as the case may be, the person who has made an application for registration as a valuer, is guilty of misconduct in connection with any proceeding under any law for the time being in force, he shall pass an order  under section 34AD of the Act removing the name of the registered valuer from the register of valuers or, as the case may be, directing that the person shall not be registered as a valuer.

       (3) The Chief Commissioner or the Director General shall, while communicating his order under sub-rule (2), furnish to the registered valuer, or, as the case may be, the person, a copy of the report of the Inquiry Officer and a statement of his findings together with the reasons for disagreement, if any, with the findings of the Inquiry Officer.

Procedure if no Inquiry Officer appointed

8J. The procedure prescribed in the aforesaid rules shall, mutatis mutandis, apply when the Chief Commissioner or the Director General himself conducts the inquiry without appointing an Inquiry Officer.

Change of Inquiry Officer

8K. If a change of an Inquiry Officer becomes necessary in the midst of an inquiry, the Chief Commissioner or the Director General may appoint any other Inquiry Officer not below the rank of Chief Commissioner or Commissioner and the proceedings shall be continued by the succeeding Inquiry Officer from the stage at which they were left by his predecessor.

Powers of Board and Inquiry Officer.

8L. [Omitted by the Wealth-tax (Second Amendment) Rules, 1988, w.e.f. 1-6-1988. Original rule 8L was inserted by the Wealth-tax (Second Amendment) Rules, 1980, w.e.f. 8-10-1980.]
Furnishing of particulars in certain cases.
8M. [Omitted by the Wealth-tax (Third Amendment) Rules, 1984, w.e.f. 1-4-1985. Original rule was inserted by the Wealth-tax (Second Amendment) Rules, 1980, w.e.f. 28-1-1980.]