Reference to Valuation Officer for fair market value when claimed asset value materially differs or circumstances require reassessment. Reference to a Valuation Officer permits the Assessing Officer to obtain an independent determination of the fair market value of a capital asset where the claimed value-including values supported by a registered valuer-is believed to differ from fair market value, where the fair market value exceeds the claimed value by a prescribed threshold, or where circumstances and the asset's nature make a reference necessary; the existing reference provisions apply with necessary modifications.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Reference to Valuation Officer for fair market value when claimed asset value materially differs or circumstances require reassessment.
Reference to a Valuation Officer permits the Assessing Officer to obtain an independent determination of the fair market value of a capital asset where the claimed value-including values supported by a registered valuer-is believed to differ from fair market value, where the fair market value exceeds the claimed value by a prescribed threshold, or where circumstances and the asset's nature make a reference necessary; the existing reference provisions apply with necessary modifications.
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