Section 3. Subs. by Act 21 of 1998, s. 66, for "Deputy Commissioner" (w.e.f. 1-10-1998)

3. Subs. by Act 21 of 1998, s. 66, for "Deputy Commissioner" (w.e.f. 1-10-1998). 4. Subs. by Act 13 of 1989, s. 30, for "includes" (w.r.e.f. 1-6-1988). 5. Ins. by Act 46 of 1964, s. 24 (w.e.f. 1-4-1965). 3. Valuation of immovable property.— Subject to the provisions of rules 4, 5, 6, 7 and 8, for the purposes of sub-section (1) of section 7, the value of any immovable property, being a building or land appurtenant thereto, or part thereof, shall be the amount arrived at by multiplying the net maintainable rent by the figure 12.5 : Provided that in relation to any such property which is constructed on leasehold land, this rule shall have effect as if for the figure 12.5,— (a) where the unexpired period of the lease of such land is fifty years or more, the figure 10.0 had been substituted ; and (b) where the unexpired period of the lease of such land is less than fifty years, the figure 8.0 had been substituted: Provided further that where such property is acquired or construction of which is completed after the 31st day of March, 1974, if the value so arrived at is lower than the cost of acquisition or the cost of construction, as increased, in either case, by the cost of any improvement to the property, the cost of acquisition or, as the case may be, the cost of construction, as so increased, shall be taken to be the value of the property under this rule: Provided also that the provisions of the second proviso shall not apply for determining the value of one house belonging to the assessee, where such house is acquired or the construction whereof is completed after the 31st day of March, 1974, and the house is exclusively used by the assessee for his own residential purposes throughout the period of twelve months immediately preceding the valuation date and the cost of acquisition or, as the case may be, the cost of construction, as increased, in either case, by the cost of any improvement to the house, does not exceed,— (a) if the house is situate at Bombay, Calcutta, Delhi or Madras, fifty lakh rupees; - (b) if the house is situate at any other place, twenty-five lakh rupees: Provided also that where more than one house belonging to the assessee is exclusively used by him for residential purposes, the provisions of the third proviso shall apply only in respect of one of such houses which the assessee may, at his option, specify in this behalf. 3. The Explanation omitted by s. 92, ibid . (w.e.f. 1-6-1999). Earlier it was inserted by Act 49 of 1991, s. 74 (w.e.f. 1-10-1991). 4. Ins. by Act 45 of 1972, s. 10 (w.e.f. 1-1-1973). 5. Ins. by Act 3 of 1989, s. 65 (w.e.f. 1-4-1989). 6. Subs. by Act 4 of 1988, s. 127, for "Wealth-tax Officer" (w.e.f. 1-4-1988). (5) On the date specified in the notice under sub-section (4), or as soon thereafter as may be, after hearing such evidence as the assessee may produce and after considering such evidence as the Valuation Officer may require on any specified points and after taking into account all relevant material which he has gathered, the Valuation Officer shall, by order in writing, estimate the value of the asset and send a copy of his order to the[1] [Assessing Officer] and to the assessee. (6) On receipt of the order under sub-section (3) or sub-section (5) from the Valuation Officer, the[1] [Assessing Officer] shall, so far as the valuation of the asset in question is concerned, proceed to complete the assessment in conformity with the estimate of the Valuation Officer.] 3. The Explanation renumbered as Explanation 1 thereof by s. 116, ibid . (w.e.f. 1-7-2012). 4. Subs. by Act 12 of 1990, s. 55, for "except by an Assessing Officer of the rank of Assistant Commissioner or Deputy Commissioner" (w.e.f. 1-4-1990). 5. Subs. by Act 21 of 1998, s. 66, for "Assistant Commissioner" (w.e.f. 1-10-1998). 6. Subs. by s. 66, ibid., for "Deputy Commissioner" (w.e.f. 1-10-1998). 7. Ins. by Act 18 of 2008, s. 60 (w.r.e.f. 1-10-1998). 1[(2) Nothing contained in this section limiting the time within which any proceeding for assessment or reassessment may be commenced, shall apply to an assessment or reassessment to be made on such person in consequence of or to give effect to any finding or direction contained in an order under section 23, 24, 25, 27 or 29[2] [or by a Court in any proceedings under any other law]: Provided that the provisions of this sub-section shall not apply in any case where any such assessment or reassessment relates to an assessment year in respect of which an assessment or reassessment could not have been made at the time the order which was the subject-matter of the appeal, reference or revision, as the case may be, was made by reason of any provision limiting the time within which any action for assessment or reassessment may be taken.] 3. The second proviso omitted by s. 35, ibid . (w.e.f. 10-9-1986). 4. Ins. by Act 11 of 1987, s. 79 (w.e.f. 1-6-1987). 5. Ins. by Act 49 of 1991, s. 77 (w.e.f. 1-10-1991).