Section 91 — Reference to Valuation Officer

(1) For ascertaining the fair market value of a capital asset for this
Chapter, the Assessing Officer may refer the valuation of the capital asset to a
Valuation Officer,—
( a) if the value of the asset claimed by the assessee is as per the estimate by
a registered valuer, but the Assessing Officer is of the opinion that the
value so claimed is at variance with its fair market value;
( b) in any other case, if the Assessing Officer is of the opinion that—
( i) the fair market value of the asset exceeds the value claimed by
the assessee by more than the percentage of value of such asset or
amount, as may be prescribed; or
( ii) having regard to the nature of the asset and other relevant circum-
stances, it is necessary so to do.
(2) The provisions of section 269(3) to (8) shall, with necessary modifications,
apply in relation to such reference made under sub-section (1).
F.—Income from other sources