Reference to Valuation Officer

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....e asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the ^3[Assessing] Officer is of opinion that the value so claimed ^6[is at variance with its fair market value]; (b) in any other case, if the ^4[Assessing] Officer is of opinion- (i) that the fair market value of the asset exceeds the value of the asset as claimed by the assesse....

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....ction, "Valuation Officer" has the same meaning, as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).]     ***************** NOTES:- 1.  Inserted vide Section 2 of the Taxation Laws (Amendment) Act, 1972 w.e.f. 01-01-1973 2.  Substituted vide Section 2 of the Direct Tax Laws (Amendment) Act, 1987 w.e.f. 01-04-1988 before it w....