1With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the 2 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 2 Assessing Officer is of opinion that the value so claimed 3 is at variance with its fair market value;
(b) in any other case, if the 4 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 amountas 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 4 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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1. Ins. by Act 45 of 1972, s. 2 (w.e.f. 1-1-1973).
2. Subs. by Act 4 of 1988, s. 2, for "Income-tax Officer" (w.e.f. 1-4-1988).
3. Subs. by Act 23 of 2012, s. 20, for "is less than its fair market value" (w.e.f.
1-7-2012).
4. Subs. by Act 4 of 1988, s. 2, for "Income-tax Officer" (w.e.f. 1-4-1988).
Section 55 Meaning of adjusted, cost of improvement and cost of acquisition
Section 55A Reference to Valuation Officer
Section 56 Income from other sources
Section 58 Amounts not deductible
Section 59 Profits chargeable to tax
Section 60 Transfer of income where there is no transfer of assets
Section 61 Revocable transfer of assets
Section 62 Transfer irrevocable for a specified period
Section 63 Transfer and revocable transfer defined
Section 64 Income of individual to include income of spouse, minor child, etc