Estimation of value of assets by Valuation Officer.

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....perty or investment and submit a copy of report to him. (2) The Assessing Officer may make a reference to the Valuation Officer under sub-section (1) whether or not he is satisfied about the correctness or completeness of the accounts of the assessee. (3) (a) For estimating the value, including the fair market value, of the asset, property, or investment, the Valuation Officer or any engineer, o....

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....essary facility to:- (i) survey or inspect such land, building, or other place or such asset, property, or investment; (ii) estimate its value; or (iii) inspect any books of account, document, or record relevant for the valuation of such asset, property, or investment and gather other particulars relating to it. (c) The Valuation Officer, engineer, overseer, surveyor, or assessor shall ente....

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....the attendance of any person, including any officer of a banking company, and examining him on oath; (iii) compelling the production of books of account and other documents; and (iv) issuing commissions. (4) The Valuation Officer shall, estimate the value of the asset, property or investment after taking into account such evidence as the assessee may produce and any other evidence in his poss....