Reference to Valuation Officer - (New) Section 91 / (Old) Section 55A

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....ion 91 ] Purpose of Reference: • To determine the FMV of a capital asset for computing capital gains. The AO must base the decision on material evidence, the asset's nature, or relevant circumstances. Situations for Reference: A. Value Estimated by a Registered Valuer [Section 91(1)(a)] • The Assessing Officer may refer the asset's valuation to a Valuati....

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.... asset and other relevant circumstances, it is necessary so to do Applicable other provisions [ Section 91(2) ] The provisions of section 269(3) to (8) shall, with necessary modifications, apply in relation to such reference made under sub-section (1). Jurisdiction of Valuation Officers as per section 2(110) [ Rule 173(3) ] Valuation officers are assigned....

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.... is of the opinion that the value so claimed is at variance with its fair market value: • in any other case, if the assessing officer is of opinion: • that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than 15% of the value of the asset as so claimed  or by more than 25,000, whichever is less or • th....