Section 83 - Amendment of Schedule III - Finance (No. 2) Act, 1991

83. Amendment of Schedule III In schedule III to the Wealth-tax Act, with effect from the 1st day of April, 1992,- (a) in rule 9A,- (i) after the words at the option of the assessee , the words or a company shall be inserted; (ii) for the words four assessment years , wherever they occur the words nine assessment years shall be substituted; (b) in rule 12,- (i) after sub-rule (2), the following sub rule shall be inserted, namely :- (3) For the purposes of sub-rule (2), the value of an asset disclosed in the balance sheet of the company shall be taken to be its value determined in accordance with the rules as applicable to that particular asset and, in the absence of any such rule, the value of such asset shall be its value as determined under rule 20 . (ii) after sub-rule (4), the following sub-rule shall be inserted, namely:- (5) For the purpose of facilitating the valuation of unquoted equity shares under this rule and rule 13, the company concerned shall have such valuation made by its auditors appointed under section 224 of the Companies Act, 1956 (1 of 1956), and a certificate of the auditors relating to such valuation in the prescribed form shall be furnished to the Assessing Officer and the shareholders of the company; and the valuation made by the auditors shall be taken into account in the assessment of the shareholders of the company.