Valuation officer estimates permitted for asset valuation, enabling assessing officers to consider valuation reports after hearing. Assessing officers may require a Valuation Officer to estimate the value of certain investments, bullion, jewellery, or other valuable articles and report using powers analogous to those in the Wealth-tax Act; the Assessing Officer may, after affording the assessee an opportunity of being heard, take that valuation report into account in making or revising assessments, subject to a proviso excluding application to assessments finalized before a stated cutoff except where reassessment is required under specified reassessment provisions.