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of <h1>New Section 55A Empowers Income-tax Officers to Verify Asset Valuations, Aligns with Wealth-tax Act Provisions</h1> The Taxation Laws (Amendment) Act, 1972 introduces Section 55A to the Income-tax Act, 1961, allowing the Income-tax Officer to refer the valuation of a capital asset to a Valuation Officer. This referral is applicable if the Officer believes the asset's claimed value is lower than its fair market value or if the fair market value significantly exceeds the claimed value. The section outlines the conditions under which such a referral can occur and applies specific provisions from the Wealth-tax Act, 1957 to these referrals. The term 'Valuation Officer' is defined as per the Wealth-tax Act.
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