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of <h1>Section 16A: Assessing Officer Can Refer Asset Valuation for Review if Declared Value Suspected Below Market Value</h1> Section 16A of the Wealth Tax Act, 1957, allows the Assessing Officer to refer asset valuation to a Valuation Officer if the declared value is suspected to be below market value. This can occur when the declared value is less than the fair market value or if the fair market value exceeds the declared value by a certain percentage or amount. The Valuation Officer can request documentation from the assessee and must provide a written order of the asset's estimated value. The Assessing Officer is required to complete the assessment based on the Valuation Officer's estimate.
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