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of <h1>Valuation Officer's Role in Determining Fair Market Value Under Income-tax Act Sections for Acquisitions</h1> The competent authority may require a Valuation Officer to determine or estimate the fair market value of immovable property for initiating acquisition proceedings or making related orders under specified sections of the Income-tax Act. The Valuation Officer has the powers granted under the Wealth-tax Act to carry out these functions. In appeals disputing the fair market value, the Appellate Tribunal must allow a nominated Valuation Officer an opportunity to be heard upon request by the competent authority. The term 'Valuation Officer' is defined as per the Wealth-tax Act.
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