Valuation variance: Assessing officers may refer capital asset valuations when declared value diverges from fair market value.

Amendment replaces the test in section 55A permitting an Assessing Officer to refer valuation to a Valuation Officer where the assessee's claimed value "is less than its fair market value" with a test allowing reference where the declared value "is at variance with its fair market value," thereby broadening the referral scope for ascertaining the fair market value of a capital asset.

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