Section 11 - Amendment of section 23 - Taxation Laws (Amendment) Act, 1972

11. Amendment of section 23. In section 23 of the Wealth-tax Act, (a) in sub-section (1), (i) after clause (h), the following clause shall be inserted, namely:- (ha) objecting to any order of the Valuation Officer under section 35 having the effect of enhancing the valuation of any asset or refusing to allow the claim made by the assessee under the said section; or ; (ii) in clause (i) for the words Wealth-tax Officer , the words Wealth-tax Officer or Valuation Officer shall be substituted; (b) after sub-section (3), the following sub-section shall be inserted, namely: (3A) If the valuation of any asset is objected to in an appeal under clause (a) of sub-section (1), the Appellate Assistant Commissioner shall,- (a) in a case where such valuation has been made by a Valuation Officer under section 16A, give such Valuation Officer an opportunity of being heard; (b) in any other case, on a request being made in this behalf by the Wealth-tax Officer, give an opportunity of being heard to any Valuation Officer nominated for the purpose by the Wealth-tax Officer ; (c) in sub-section (4), in clause (b), for the words Wealth-tax Officer , the words Wealth-tax Officer or, as the case may be, the Valuation Officer shall be substituted.