Determination of value of assets.

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..... reference made under sub-section (1), the valuation officer shall, for the purpose of estimating the value of the asset, property, 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 a .....

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..... after taking into account— (a) such evidence as the assessee may produce; and (b) the material in his possession gathered after giving an opportunity of being heard to the assessee. (4) The valuation officer may estimate the value of the asset, property, investment or expenditure to the best of his judgment, if the assessee does not co-operate or comply with his direction. ( .....

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