(1)The competent authority may,-(a)for the purpose of initiating proceedings for the acquisition of any immovable property under section 269-C or for the purpose of making an order under section 269-F in respect of any immovable property, require a Valuation Officer to determine the fair market value of such property and report the same to him;(b)for the purpose of estimating the amount by which the compensation payable under sub-section (1) of section 269-J in respect of any immovable property may be reduced or, as the case may be, increased under clause (a) or clause (b) of sub-section (2) of that section, require the Valuation Officer to make such estimate and report the same to him.(2)The Valuation Officer to whom a reference is made under clause (a) or clause (b) of sub-section (1) shall, for the purpose of dealing with such reference, have all the powers that he has under section 38-A of the Wealth-tax Act, 1957 (27 of 1957).(3)If in an appeal under section 269-G against the order for acquisition of any immovable property, the fair market value of such property is in dispute, the Appellate Tribunal shall, on a request being made in this behalf by the competent authority, give an opportunity of being heard to any Valuation Officer nominated for the purpose by the competent authority.Explanation. - In this section "Valuation Officer" has the same meaning as in clause (r) of section 2 of the Wealth-tax Act, 1957 (27 of 1957).
