Section 21 - Amendment of section 15 - Taxation Laws (Amendment) Act, 1972

21. Amendment of section 15. In section 15 of the Gift-tax Act, after sub-section (5), the following sub-section shall be inserted, namely:- (6) Notwithstanding anything contained in section 6, for the purpose of making an assessment under this Act, the Gift-tax Officer may refer to a Valuation Officer, the valuation of any property transferred by way of gift- (a) in a case where the value of the property as returned is in accordance with the estimate made by a registered valuer, if the Gift-tax Officer is of opinion that the value so returned is less than its fair market value; (b) in any other case, if the Gift-tax Officer is of opinion (i) that the fair market value of the property exceeds the value of the property as returned by more than such per-centage of the value of the property as returned or by more than such amount as may be prescribed in this behalf; or (ii) that having regard to the nature of the property and other relevant circumstances, it is necessary so to do; and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16A, clauses (ha) and (i) of sub-section (1) and sub-sections (3A) and (4) of section 23, sub-section (5) of section 24, section 34AA, section 35 and section 37 of the Wealth-tax Act, 1957 (27 of 1957), shall, with the necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Wealth-tax Officer under sub-section (1) of section 16A of that Act. Explanation. In this sub-section, Valuation Officer has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957). .