The word 'valuation' ---- we hear it very often. The public imagination often turns to images of officers unearthing bundles of cash, gold bars hidden in wardrobes, or luxury cars parked in basements. Yet, behind this drama lies a quieter but equally decisive act—the valuation of what has been found. In recent years, this step has become central to the government’s war on undisclosed wealth.
According to official figures, tax authorities carried out over 1,300 search and seizure operations in 2023–24, resulting in the detection of undisclosed income exceeding ₹1.7 lakh crore. But these numbers only hold legal weight once assets are translated into verifiable values—real estate, jewellery, or commercial holdings must be pegged to their market worth. That is where government-approved valuers step in.
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Numbers That Can Tilt A Case
One decimal point can alter the trajectory of an entire raid. Search And Seizure Under Section 132 of the Income-Tax Act, 1961 talks about if any person is in possession of any money, bullion, jewellery or other valuable article (Artworks/paintings/antiquities/artifacts/ sculptures are also considered to be the part of the assets) or thing and such money, bullion, jewellery or other valuable article or thing represents either wholly or partly income or property which has not been disclosed for the purposes of the Indian Income-tax Act, 1922 (11 of 1922) or this Act (hereinafter in this section referred to as the undisclosed income or property) & If the Valuable article is undervalued, the tax demand weakens. If it is inflated, the taxpayer could be saddled with unfair liabilities—opening the door for prolonged litigation. That fine balance is the valuer’s responsibility.
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“A valuation report is not just arithmetic—it is a legal document that stands scrutiny in tribunals and courts,” says Nitesh Shrivastava, a Government Approved Valuer with decades of experience in both residential and commercial assessments. His work has often been annexed directly into Panchama’s and case files, shaping the next steps of prosecution or settlement.
The Expanding Role In Raids
The Finance Act of 2023 formally expanded the powers of tax authorities to requisition the services of registered valuers during searches. The introduction of Rules 13 and 13A in the Income Tax Rules created a framework for how valuers must assess seized assets—whether that is an apartment in Gurugram, a diamond consignment in Surat, or unlisted shares uncovered in Mumbai.
This shift was born of necessity. Raids are no longer about simply breaking locks or seizing ledgers. Investigations today encounter cryptocurrency wallets, layered corporate shareholdings, and luxury properties tied up in complex ownership structures. In such cases, an accurate valuation becomes the only way to link physical or digital wealth with tax liability.
Beyond Bricks And Mortar
In practice, valuers examine much more than surface prices. They account for location, demand-supply cycles, growth potential, rental yields, and even occupancy patterns. In commercial cases, these insights can reveal whether a property is a genuine investment or merely a parking lot for unaccounted money.
Nitesh Shrivastava, Government Approved Valuer explains it this way: “Markets talk through data, but data needs interpretation. My job is to ensure that interpretation is both legally sound and financially realistic.”
His reports, often relied upon in court challenges, integrate market analysis with statutory compliance. This balance gives them credibility in an environment where both the taxpayer and the department seek to contest every rupee.
The Valuation Report As Strategy
What once seemed like a back-office task has now become a strategic tool. A comprehensive valuation report can influence not only tax calculations but also decisions around capital gains planning, corporate restructuring, and even investor confidence.
“The real risk for taxpayers is not the raid itself, but the consequences that follow if their assets are mispriced,” Nitesh Shrivastava, Government Approved Valuer notes. “Accurate valuation can prevent years of unnecessary disputes.”
The Quiet Force Behind Big Numbers
For all the attention raids attract, the invisible work of valuation is what lends them legitimacy. Without it, high-profile announcements of “crores unearthed” would crumble in appeals. With it, the state’s pursuit of accountability gains teeth.
As India sharpens its financial enforcement machinery, the role of Government Approved Valuers like Nitesh Shrivastava has moved from the periphery to the centre. They remain the silent witnesses in rooms filled with tension and negotiation—their pen steady, their numbers defensible.
And in the end, it is those numbers, more than the spectacle of a raid, that decide who pays, who fights, and who walks free.