(1) The competent authority may,-
(a) for the purpose of initiating proceedings for the acquisition of any immovable property under section 269C or for the purpose of making an order under section 269F 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 subsection (1) of section 269J 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 38A of the Wealth-tax Act, 1957 (27 of 1957).
(3) If in an appeal under section 269G 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).
Section 269L Assistance by Valuation Officers
Section 269M Powers of competent authority
Section 269N Rectification of mistakes
Section 269O Appearance by authorised representative or registered valuer
Section 269P Statement to be furnished in respect of transfers of immovable property
Section 269Q Chapter not to apply to transfers to relatives
Section 269RR Chapter not to apply where transfer of immovable property made after a certain date
Section 269S Chapter not to extend to State of Jammu and Kashmir
Section 269SS Mode of taking or accepting certain loans, deposits and specified sum