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Reference to Valuation Officer (VO) in certain cases - Section 142A - Income Tax - Ready Reckoner - Income TaxExtract Section 142A - Reference to Valuation Officer (VO) in certain cases 1. The AO may for the purpose of Assessment, make a reference to VO to estimate the value including FMV of any - a) Assets b) Property c) Investments 2. 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 possession gathered, after giving an opportunity of being heard to the assessee. 3. The Valuation Officer shall send a copy of the report of the estimate made u/s 142A(4) and (5) to the Assessing Officer and the assessee, within a period of six months from the end of the month in which a reference is made 4. The Assessing Officer may, on receipt of the report from the Valuation Officer, and after giving the assessee an opportunity of being heard , take into account such report in making the assessment or reassessment.
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