by Valuation Officer in certain cases.
142A. (1) For the purposes of making an assessment or
reassessment under this Act, where an estimate of the value of any investment
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 section 69B62a[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 Valuation Officer to whom a reference is made
under sub-section (1) shall, for the purposes of dealing with such reference,
have all the powers that he has under section 38A of the Wealth-tax Act, 1957
(27 of 1957).
(3) On receipt of the report from the Valuation
Officer, the Assessing Officer may, after giving the assessee an opportunity of
being heard, take into account such report in making such assessment or
nothing contained in this section shall apply in respect of an assessment made
on or before the 30th day of September, 2004, and where such assessment has
become final and conclusive on or before that date, except in cases where a
reassessment is required to be made in accordance with the provisions of section 153A.
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).]