Amendment status not verified — confirm the current text below against the official source.
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 at variance with 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). Percentage of value of asset referred to in section 55A(b)(i): 15% /Amount referred to in section 55A(b)(i): Rs. 25,000. [Rule 111AA] See rule 111AB. Prescribed form of report of valuation by registered valuer (vide Wealth-tax Rules) are as follows: