Reference to Valuation Officer

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..... he asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the 3 [ Assessing ] Officer is of opinion that the value so claimed 6 [ 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 .....

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..... on. -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). ] --------------------------------- Notes ;- 1. Inserted by the Taxation Laws (Amendment) Act, 1972, w.e.f. 1-1-1973. 2. Substituted for Income-tax by the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988. 3. Subst .....

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