(6)Notwithstanding anything contained in section 6, for the purpose of making an assessment under this Act, where under the provisions of section 6 read with Schedule II, the fair market value of any property transferred by way of gift is to be taken into account in such assessment, the Assessing Officer may refer the valuation of such property to the Valuation Officer,--(a)in a case where the value of the property as returned is in accordance with the estimate made by a registered value, if the Assessing Officer is of opinion that the value so returned is less than its fair market value;(b)in any other case, if the Assessing Officer is of opinion--(i)that the fair market value of the property exceeds the value of the property as returned by more than such percentage of the value of the property as returned or by more than such amount as may be prescribed in this behalf; or(ii)that having regard to the nature of the property 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 16A, 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 34AA, 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 under sub-section (1) of section 16A of that Act.Explanation.--In this sub-section, "Valuation Officer" has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).
