Determination of value of assets

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..... ursuance 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 .....

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..... ch 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 .....

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