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<h1>Valuation officer reference enables use of asset valuation reports to inform tax assessments after giving assessee a hearing.</h1> Assessing Officers may refer assets, property or investments to a Valuation Officer to estimate value, including fair market value, for assessment or reassessment. The Valuation Officer has the powers of section 38A of the Wealth-tax Act, must consider evidence produced by the assessee and other evidence after giving an opportunity of being heard, may estimate if the assessee does not cooperate, and must send the report to the Assessing Officer and the assessee within six months; the Assessing Officer may then take that report into account after giving the assessee a hearing.
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