Section 12 - Amendment of section 24 - Taxation Laws (Amendment) Act, 1972

12. Amendment of section 24. In section 24 of the Wealth-tax Act,- (a) in sub-section (5), for the words Provided that , the following shall be substituted, namely:- Provided that if the valuation of any asset is objected to, the Appellate Tribunal shall,- (a) in a case where such valuation has been made by a Valuation Officer under section 16A, also 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 also to any Valuation Officer nominated for the purpose by the Wealth-tax Officer: Provided further that ; (b) sub-sections (6), (7), (8), (8A) and (8B) shall be omitted.