(2)Without prejudice to the provisions of sub-section (1), where-(a)the assessee claims before any Assessing Officer that the value adopted] [or assessed or assessable] [ Substituted by Act 33 of 2009, Section 25, for certain words (w.e.f. 1.10.2009).][or assessed or assessable by the stamp valuation authority under sub-section (1) exceeds the fair market value of the property as on the date of transfer; [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).](b)the value so adopted ][or assessed or assessable] [ Substituted by Act 33 of 2009, Section 25, for certain words (w.e.f. 1.10.2009).][or assessed or assessable by the stamp valuation authority under sub-section (1) has not been disputed in any appeal or revision or no reference has been made before any other authority, Court or the High Court, the Assessing Officer may refer the valuation of the capital asset to a Valuation Officer and where any such reference is made, the provisions of sub-sections (2), (3), (4), (5) and (6) of section 16-A, clause (i) of sub-section (1) and sub-sections (6) and (7) of section 23-A, 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 necessary modifications, apply in relation to such reference as they apply in relation to a reference made by the Assessing Officer under sub-section (1) of section 16-A of that Act.] [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).][Explanation 1] [ Explanation renumbered by as Explanation 1 thereof and Explanation 2 inserted by Act 33 of 2009, Section 25 (w.e.f. 1.4.2009).][.-For the purposes of this section, "Valuation Officer" shall have the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).] [Inserted by Act 20 of 2002, Section 24 (w.e.f. 1.4.2003).][Explanation 2. - For the purposes of this section, the expression "assessable" means the price which the stamp valuation authority would have, notwithstanding anything to the contrary contained in any other law for the time being in force, adopted or assessed, if it were referred to such authority for the purposes of the payment of stamp duty.] [Explanation renumbered by as Explanation 1 thereof and Explanation 2 inserted by Act 33 of 2009, Section 25 (w.e.f. 1.4.2009).]
