55A. Reference to
Valuation Officer.- With a view to ascertaining the
fair market value of a capital asset for the purposes of this
Chapter , the Assessing Officer may refer the valuation of
capital asset to a Valuation Officer—
(a) in a case where the value of the asset as claimed by
the assessee is in accordance with the estimate made by a
registered valuer, if the Assessing Officer is of opinion
that the value so claimed is less than its fair market value
;
(b) in any other case, if the Assessing Officer is of opinion—
(i) that the fair market value of the asset exceeds the
value of the asset as claimed by the assessee by more than
such percentage of the value of the asset as so claimed or
by more than such amount as may be prescribed in this behalf
; or
(ii) that having regard to the nature of the asset and other
relevant circumstances, it is necessary so to do,
and where any such reference is made, the provisions of sub-sections
(2), (3), (4), (5) and (6) of section 16A, clauses (ha) and
(i) of sub-section (1) and sub-sections (3A) and (4) of section
23, sub-section (5) of section 24, section 34AA, section 35
and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall
with the necessary modifications, apply in relation to such
reference as they apply in relation to a reference made by
the Assessing Officer under sub-section (1) of section 16A
of that Act.
Explanation.—In this section, “Valuation Officer”
has the same meaning, as in clause (r) of section 2 of the
Wealth-tax Act, 1957 (27 of 1957).
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