Estimate by Valuation Officer in certain cases

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..... 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) The Valuation Officer, on a reference made under sub-section (1), shall, for the purpose of estimating the value of the asset, property or inves .....

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..... which a reference is made under sub-section (1). (7) 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. Explanation. -In this section, Valuation Officer has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1 .....

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..... ent referred to in section 69 or section 69B or the value of any bullion, jewellery or other valuable article referred to in section 69A or 2 [section 69B or fair market value of any property referred to in sub-section (2) of section 56 is required to be made], the Assessing Officer may require the Valuation Officer to make an estimate of such value and report the same to him. (2) The Valuat .....

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