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of <h1>Assessing Officer Can Refer Asset Valuation to Valuation Officer Under Section 55A for Accurate Capital Gains Assessment.</h1> Section 55A of the Income Tax Act allows an assessing officer to refer the valuation of a capital asset to a Valuation Officer to determine its fair market value for capital gains purposes. This can occur if the asset's claimed value by the assessee differs from a registered valuer's estimate or if the officer believes the asset's fair market value exceeds the claimed value by more than 15% or 25,000, whichever is less. Valuation Officers, appointed under the Wealth Tax Act, have jurisdiction over specific asset categories and apply the same jurisdiction for income tax purposes.
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