Income-tax Act, 1961
Section - 55A - Reference to Valuation Officer
Reference to Valuation Officer.55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the Assessing Officer may refer the valuation of capital asset to a Valuation Officer-
| (a) | - | in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the Assessing Officer is of 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 opinion- |
| (i) | - | that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than such percentage of the value of the asset as so claimed or by more than such amount as may be prescribed in this behalf ; or |
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