VALUERS KNOWLEDGE BANK  

EXPERT OPINION

Question :

What is the procedure for the renewal of the CBDT /34AB valuer?
How much time before the expiry of the Certificate has to be applied? What is Form No for this?
Requested to pls advice.

Opinion by CEV Expert Panel :

As per chapter VII b of the Wealth Tax Act, once registered valuers are registered for life unless the name of the valuer is removed u/s 34AD (1) or 34 AD(3) of Wealth Tax Act-1957 after giving him the opportunity of being heard and such further inquiry as deemed fit. 

It may also be noted that at the time of registration under 34 AB of W. T. Act-1957 the condition of three-year review & possible removal as stated in section 34 AD(3) of the W. T. Act -1957 should also be stated therein.

This opinion is based on the letter of the Director (OT), CBDT, Ministry of Finance, Dt-14/11/2011

Director (OT), CBDT, Ministry of Finance, Dt-14/11/2011

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