Valuation references: statutory regime for Valuation Officer reports, with procedural safeguards and enforceable reporting timelines.
Clause 269 empowers the Assessing Officer to refer estimation of value of any asset, property, or investment to a Valuation Officer, who must consider all evidence, provide an opportunity to be heard, inspect premises with prescribed notice, and submit a valuation report to the AO and assessee; the VO may make a best judgment assessment if the assessee fails to cooperate and may rectify mistakes apparent from the record, while the AO may use the report after affording the assessee a hearing.