Assessing Officer can refer to the Valuation Officer, the estimation of valuation of any investment [Section 142A(1)]
(A) Reference by Assessing Officer to the Valuation Officer for estimate of the value including fair market value of any Asset, Property, or Investment [Section 142A(1) and (2)]
(1) The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to the Valuation Officer to estimate the value, including fair market value, of any asset, property or investment and submit the report to him. [Section 142A (1)]
(2) The Assessing Officer may make a reference to the Valuation Officer whether or not he is satisfied about the correctness or completeness of the accounts of the assessee. [Section 142A (2)]
(B) Power of Valuation Officer and procedure to make the estimate of the value of the Asset, Property or Investment [Section 142A (3), (4) and (5)]
(1) The Valuation Officer, on a reference being made, shall, for the purpose of estimating the value of the asset, property or investment, have all the powers of section 38A of the Wealth-tax Act, 1957. [Section 142A(3)]
(2) The Valuation Officer shall estimate the value of the asset, property or investment after taking into account the evidence produced by the assessee and any other evidence in his possession gathered, after giving an opportunity of being heard to the assessee. [Section 142A(4)]
(3) If the assessee does not co-operate or comply with the directions of the Valuation Officer, he may, estimate the value of the asset, property or investment to the best of his judgment. [Section 142A(5)]
(C) Time period of Submitting Valuation Report [Section 142A(6)]
The Valuation Officer shall send a copy of the report of the estimate made by him under section 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 the reference is made.
(D) Assessing Officer may take such report into account in making Assessment or Re-assessment [Section 142A(7)]
The Assessing Officer on receipt of the report from the Valuation Officer may, after giving the assessee an opportunity of being heard, take into account such report in making the assessment or reassessment.