(9)The authorised officer may, during the course of the search or seizure, or within sixty days from the date on which the last of the authorisations for search was executed, make a reference to a Valuation Officer, or any person registered as a valuer under section 514, or any person or entity registered by or under any law in force, as may be approved by the Principal Chief Commissioner or the Chief Commissioner or the Principal Director General or the Director General, in accordance with the procedure as may be prescribed in this regard, requiring him to—(a)estimate the fair market value of the property in the manner, as may be prescribed; and(b)submit a report of the estimate to the authorised officer or the Assessing Officer, within sixty days from the date of receipt of such reference.
