(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).]
