Reference to Valuation Officer

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.... of section 7 read with the rules made under this Act, or, as the case may be, the rules in Schedule III, the market value of any asset is to be taken into account in such assessment,] the ^4[Assessing Officer] may refer the valuation of any asset to a Valuation Officer-            (a) in a case where the value of the asset as returned is i....

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....ature of the asset and other relevant circumstances, it is necessary so to do.       (2) For the purpose of estimating the value of any asset in pursuance of a reference under sub-section (1), the Valuation Officer may serve on the assessee a notice requiring him to produce or cause to be produced on a date specified in the notice such accounts, records or other documen....

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....hich he proposes to estimate and giving the assessee an opportu­nity to state, on a date to be specified in the notice, his objections either in person or in writing before the Valuation Officer and to produce or cause to be produced on that date such evidence as the assessee may rely in support of his objections.       (5) On the date specified in the notice under ....

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.... ----------------------- Notes:- 1. Inserted by the Taxation Laws (Amendment) Act, 1972, w.e.f. 1-1-1973. 2. See rules 3A, 3B and 3C. of Wealth Tax Rules 1957. 3. Inserted by the Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989. 4. Substituted vide the Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988., before it was read as:- "Wealth-tax Officer" 5. Substituted vid....