²¹[Reference to Valuation Officer.

 ²²55A. With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter ²³, the ²⁴[Assessing] Officer may refer the valuation of capital asset to a Valuation Officer

           (a)   in a case where the value of the asset as claimed by the assessee is in accordance with the estimate made by a registered valuer, if the ²⁴[Assessing] Officer is of opinion that the value so claimed is less than its fair market value ;

           (b)   in any other case, if the ²⁴[Assessing] Officer is of opinion

        (i)  that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than such per- centage ²⁵ of the value of the asset as so claimed or by more than such amount ²⁵ as may be prescribed in this behalf ; or

       (ii)  that having regard to the nature of the asset and other relevant circumstances, it is necessary so to do,

 ²⁶and 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 ²⁷[Assessing] Officer under sub-section (1) of section 16A of that Act.

Explanation.In this section, Valuation Officer has the same meaning, as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).]