Section 55ACentral Act

Section 55A: [ Reference to Valuation Officer. [Inserted by Act 45 of 1972, Section 2 (w.e.f. 1.1.1973).]

The Income-tax Act, 1961

[ Reference to Valuation Officer. [Inserted by Act 45 of 1972, Section 2 (w.e.f. 1.1.1973).]

-With a view to ascertaining the fair market value of a capital asset for the purposes of this Chapter, the ][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][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 ] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][is of opinion that the value so claimed is less than its fair market value; [Inserted by Act 45 of 1972, Section 2 (w.e.f. 1.1.1973).]

(b)

in any other case, if the ][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).] [is of opinion- [Inserted by Act 45 of 1972, Section 2 (w.e.f. 1.1.1973).]

(i)that the fair market value of the asset exceeds the value of the asset as claimed by the assessee by more than such percentage of the value of the asset as so claimed or by more than such amount 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, and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16-A, clauses (ha) and (i) of sub-section (1) and sub-sections (3-A) and (4) of section 23, sub-section (5) of section 24, section 34-AA, 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 ][Assessing Officer] [ Substituted by Act 4 of 1988, Section 2, for " Income-tax Officer" (w.e.f. 1.4.1988).] [under sub-section (1) of section 16-A of that Act. [Inserted by Act 45 of 1972, Section 2 (w.e.f. 1.1.1973).]

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).] [Inserted by Act 45 of 1972, Section 2 (w.e.f. 1.1.1973).]F.-Income from other sources

Sec 55 — Meaning of "adjusted", "cost of improvement" and "cost of acquisition"

Sec 56 — Income from other sources

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