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TMI BlogReference to Valuation OfficerX X X X Extracts X X X X X X X X Extracts X X X X ..... this Act, or, as the case may be, the rules in Schedule III, the market value of any asset is to be taken into account in such assessment,] the 4[Assessing Officer] may refer the valuation of any asset to a Valuation Officer-- (a) in a case where the value of the asset as returned is in accordance with the estimate made by a registered valuer, if the 5[Assessing Officer] is of opinion that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uire. (3) Where the Valuation Officer is of opinion that the value of the asset has been correctly declared in the return made by the assessee under section 14 or section 15, he shall pass an order in writing to that effect and send a copy of his order to the 8[Assessing Officer] and to the assessee. (4) Where the Valuation Officer is of opinion that the value of the asset is higher than the v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ence as the Valuation Officer may require on any specified points and after taking into account all relevant material which he has gathered, the Valuation Officer shall, by order in writing, estimate the value of the asset and send a copy of his order to the 9[Assessing Officer] and to the assessee. (6) On receipt of the order under sub-section (3) or sub-section (5) from the Valuation Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Wealth-tax Officer" 7. See rule 3B. (Prescribed percentage/amount is 331/3% and Rs. 50,000, respectively). 8. Substituted vide the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988., before it was read as:- "Wealth-tax Officer" 9. Substituted vide the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988., before it was read as:- "Wealth-tax Officer" 10. Substituted vide the Direct Tax L ..... X X X X Extracts X X X X X X X X Extracts X X X X
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