3A. Jurisdiction of  Valuation Officers.

Regional Valuation Officers shall exercise, within such areas as the Board may direct, general supervision over the work of District Valuation Officers, Valuation Officers and Assistant Valuation Officers.

(2) District Valuation Officers, Valuation Officers and Assistant Valuation Officers shall perform the functions of a Valuation Officer in respect of such areas and in relation to such classes of assets as the Board may direct.

(3) Where under any directions issued under sub-rule (2), the functions of a Valuation Officer in relation to any class of assets, being buildings or lands or any rights in buildings or lands, in respect of any area have been assigned to a District Valuation Officer, Valuation Officer and an Assistant Valuation Officer, such functions shall be performed by the District Valuation Officer, the Valuation Officer or, as the case may be, the Assistant Valuation Officer as provided hereunder:—

           ( i)  if the value of the asset as declared in the return made by the assessee under section 14 or section 15 exceeds ²²[Rs. ^22a [300 ] lakhs] or if the asset is not disclosed or the value of the asset is not declared in such return or no such return has been made and the value of the asset, in the opinion of the ²³[ Assessing Officer], exceeds the aforesaid amount, the functions shall be performed by the District Valuation Officer ;

          (ii )  if the value of the asset as declared in the return made by the assessee under section 14 or section 15 exceeds ²⁴[Rs. ^24a [ 40] lakhs] but does not exceed ²²[Rs. ^22a [300 ] lakhs] or if the asset is not disclosed or the value of the asset is not declared in such return or no such return has been made and the value of the asset, in the opinion of the ²³ [Assessing Officer], falls within the aforesaid limits, the functions shall be performed by the Valuation Officer; and

         (iii )  if the value of the asset as declared in the return made by the assessee under section 14 or section 15 does not exceed ²⁴[Rs. ^24a [ 40] lakhs], or if the asset is not disclosed or the value of the asset is not declared in such return or no such return has been made and the value of the asset, in the opinion of the ²³[Assessing Officer], does not exceed the aforesaid amount, the functions shall be performed by the Assistant Valuation Officer :]

²⁵ [Provided that the District Valuation Officer referred to in clause (i) having jurisdiction in respect of the area may, if he considers it necessary or expedient so to do for the purpose of proper and efficient management of the work of valuation, himself perform such functions in relation to any asset referred to in clause (ii) :]

²⁶ [ ²⁷[ Provided further that] the Valuation Officer referred to in clause (ii) having jurisdiction in respect of the area may, if he considers it necessary or expedient so to do for the purpose of proper and efficient management of the work of valuation, himself perform such functions in relation to any asset referred to in clause (iii).]

²⁸ [(4) Where the valuation of any asset, being building or land or any right in any building or land, referred to the District Valuation Officer, the Valuation Officer or the Assistant Valuation Officer, as the case may be, is pending with him on the 13th February, 2009, being the date of commencement of the Wealth-tax (Second Amendment) Rules, 2009, —

(i)    the District Valuation Officer shall transfer the reference to the Valuation Officer, if the value of the asset as declared in the return made by the assessee under section 14 or section 15 does not exceed Rs. 300 lakhs ;

(ii)    the Valuation Officer shall transfer the reference to the Assistant Valuation Officer, if the value of the asset as declared in the return made by the assessee under section 14 or section 15 does not exceed Rs. 40 lakhs.]