Section 50C & Section 50D
Where an estimate of fair market value of a capital asset is made by a registered valuer, Section 55A allows the assessing officer to refer the valuation of capital asset to a valuation officer only in case, the Assessing Officer is of opinion that the value so claimed is at variance with its fair market value.
Section 56 read with Rule 11UA
Valuation Under SECURITISATION AND RECONSTRUCTION OF FINANCIAL ASSETS AND ENFORCEMENT OF SECURITY INTEREST ACT, 2002 (SARFAESI Act)
Rule 8 of Security Interest (Enforcement) Rules, 2002 prescribes the Process for Sale of immovable secured assets. Sub Rule (5) requires the authorised officer to obtain valuation of the property from an approved valuer before of fixing of reserve price and effecting the sale of the property under Sub-Rule (1) of Rule 9.
The term “Approved Valuer” is defined under Rule 2 of the said rules. The approved valuer shall meet the following criteria:
1. It must be a person registered under section 34AB of the Wealth Tax Act, 1957
2. It must be approved by the Board of Directors or Board of Trustees of the secured creditor, as the case may be.
Rule 5 of Security Interest (Enforcement) Rules, 2002 prescribes the requirement for the authorised officer to obtain the estimated value of the movable secured assets.
The Rules are silent on who is authorised to provide such estimate and a Registered Valuer may provide such estimate.