Section 91: reference to Valuation Officer

When a reference can be made

The Assessing Officer may refer the valuation of a capital asset to a Valuation Officer, for the purposes of this Chapter, in two situations: first, where the value claimed by the assessee is based on a registered valuer's estimate but the Assessing Officer believes that value is at variance with the fair market value; and second, in any other case, if the Assessing Officer is of the opinion that the fair market value exceeds the value claimed by the assessee by more than a prescribed percentage or amount, or that it is otherwise necessary to make a reference having regard to the nature of the asset and other relevant circumstances.

Procedure for the reference

The provisions of Section 269(3) to (8) apply, with necessary modifications, to a reference made under this section - meaning the procedural rules that govern valuation references elsewhere in the Act (such as timelines, the Valuation Officer's powers, and how the valuation report is used) apply here as well.

Frequently asked questions