Reference to Valuation Officer
Reference to Valuation Officer.
91. (1) For ascertaining the fair market value of a capital asset for this Chapter, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer,—
| (a) | if the value of the asset claimed by the assessee is as per the estimate by a registered valuer, but the Assessing Officer is of the opinion that the value so claimed is at variance with its fair market value; | |
| (b) | in any other case, if the Assessing Officer is of the opinion that— |
| (i) | the fair market value of the asset exceeds the value claimed by the assessee by more than the percentage of value of such asset or amount, as may be prescribed; or | |
| (ii) | having regard to the nature of the asset and other relevant circumstances, it is necessary so to do. |
(2) The provisions of section 269(3) to (8) shall, with necessary modifications, apply in relation to such reference made under sub-section (1).