Determination of value of assets
159. (1) The Assessing Officer may, for the purposes of assessment, require a Valuation Officer to make and report to him an estimate of the value of any asset, investment or expenditure.
(2) In pursuance to a reference made under sub-section (1), the Valuation Officer shall, for the purpose of estimating the value of the asset, investment or expenditure, and subject to the rules in this behalf, have all the powers to
(a) enter any land, building or other place belonging to, or occupied by, the person in connection with whose assessment the reference has been made;
(b) require any person in charge of, or in occupation or possession of, the land, building or other place to afford him the necessary facility to survey or inspect the land, building or other place;
(c) inspect any asset in respect of which the reference has been made;
(d) inspect any books of account, document or record which may be relevant for the purpose of making the estimate of the value of the asset, investment or expenditure, in respect of which the reference has been made;
(e) gather any other information relating to the asset, investment or expenditure, which may be relevant for the purposes of estimating the value.
(3) The Valuation Officer shall, by order in writing, estimate the value of the asset, investment or expenditure after taking into account,-
(a) such evidence as the assessee may produce; and
(b) the material in his possession, in respect of which an opportunity of being heard has been provided to the assessee.
(4) The Valuation Officer may estimate the value of the asset, investment or expenditure to the best of his judgement, if the assessee does not cooperate or comply with his direction.
(5) The Valuation Officer shall serve a copy of his estimate under sub-section (3) or sub-section (4), as the case may be, on the Assessing Officer and the assessee.
(6) The Assessing Officer shall, on receipt of the report of the Valuation Officer, proceed to compute the tax bases of the assessee in conformity with the value estimated by the Valuation Officer.
