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of <h1>Assessing officer may refer capital asset valuation to Valuation Officer when claimed value appears inconsistent with fair market value</h1> For capital gains purposes, the assessing officer may refer valuation of a capital asset to a Valuation Officer to determine its fair market value where the claimed value-including that supported by a registered valuer-appears inconsistent with FMV, or where FMV exceeds the claimed value by prescribed percentage or amount, or where other relevant circumstances make a reference necessary. Such references follow specified procedural provisions of the Wealth-tax Act (with necessary modifications), and 'Valuation Officer' has the same statutory meaning as in that Act.
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