(6)[ Where a regular assessment under sub-section (3) or sub-section (5) is made¬,-(a)any tax or interest paid by the assessee under sub-section (1) shall be deemed to have been paid towards such regular assessment;(b)if no refund is due on regular assessment or the amount refunded under sub-section (1) exceeds the amount refundable on regular assessment, the whole or the excess amount so refunded shall be deemed to be tax payable by the assessee and the provisions of this Act shall apply accordingly.][* * *] [ Sub-Section (7) and Explanation omitted by Act 27 of 1999, Section 92 (w.e.f. 1.6.1999).][* * *] [ Sub-Section (7) and Explanation omitted by Act 27 of 1999, Section 92 (w.e.f. 1.6.1999).][16-A. Reference to Valuation Officer.-(1) For the purpose of making an assessment (including an assessment in respect of any assessment year commencing before the date of coming into force of this section) under this Act, ] [ Inserted by Act 36 of 1989, Section 28 (w.e.f. 1.4.1989).][where under the provisions of section 7 read with the rules made under this Act or, as the case may be, the rules made in Schedule III, the market value of any asset is to be taken into account in such assessment] [ Inserted by Act 3 of 1989, Section 65 (w.e.f. 1.4.1989).], the [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer" (w.e.f. 1.4.1988).][may refer the valuation of any asset to a Valuation Officer¬(a)in a case where the value of the asset as returned is in accordance with the estimate made by a registered valuer, if the] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer" (w.e.f. 1.4.1988).][is of opinion that the value so returned is less than its fair market value; [Inserted by Act 45 of 1972, Section 10 (w.e.f. 1.1.1973). ](b)in any other case, if the ] [Assessing Officer] [ Substituted by Act 4 of 1988, Section 127, for " Wealth-tax Officer" (w.e.f. 1.4.1988).][is of opinion- [Inserted by Act 45 of 1972, Section 10 (w.e.f. 1.1.1973). ](i)that the fair market value of the asset exceeds the value of the asset as returned by more than such percentage of the value of the asset 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 asset and other relevant circumstances, it is necessary so to do.
