Under the following circumstances the Assessing Officer may refer the valuation of the capital asset to the Valuation Officer and his valuation report shall be binding on the Assessing Officer-
1. Where the value of the asset Is estimated by the registered valuer but the Assessing Officer is of the opinion that the value so determined is less than its fair market value.
2. In any other case, the Assessing Officer is of the opinion that
(a) The fair market value of the asset exceeds the value of the ‘assets declared by the assessee either by more than 15% or by ` 25,000 (Rule llAA); or
(b) The nature of the asset and other relevant circumstances are such that, It is necessary to do so.