Section 14 - Insertion of new Chapter VII B - Taxation Laws (Amendment) Act, 1972

14. Insertion of new Chapter VII B. In the Wealth-tax Act, after Chapter VIIA, the following Chapter shall be inserted, namely:- CHAPTER VIIB REGISTERED VALUERS 34AA. Appearance by registered valuers. Notwithstanding anything contained in this Act, any assessee who is entitled to or required to attend before any wealth-tax authority or the Appellate Tribunal in connection with any matter relating to the valuation of any asset, except where he is required under this Act to attend in person, may attend by a registered valuer. 34AB. Registration of valuers. (1) The Board shall maintain a register to be called the Register of Valuers in which shall be entered the names and addresses of persons registered under sub-section (2) as valuers. (2) Any person who possesses the qualifications prescribed in this behalf may apply to the Board in the prescribed form for being registered as a valuer under this section: Provided that different qualifications may be prescribed for valuers of different classes of assets. (3) Every application under sub-section (2) shall be verified in the prescribed manner, shall be accompanied by such fees as may be prescribed and shall contain a declaration to the effect that the applicant will (i) make an impartial and true valuation of any asset which he may be required to value; (ii) furnish a report of such valuation in the prescribed form; (iii) charge fees at a rate not exceeding the rate or rates prescribed in this behalf; (iv) not undertake valuation of any asset in which he has a direct or indirect interest. (4) The report of valuation of any asset by a registered valuer shall be in the prescribed form and be verified in the prescribed manner. 34AC. Restrictions on practice as registered valuer. (1) No person, either alone or in partnership with any other person, shall practise, describe himself or hold himself out as a registered valuer for the purposes of this Act or permit himself to be so described or held out, unless he is registered as a valuer or, as the case may be, unless he and all his partners are so registered under this Chapter. (2) No company or other body corporate shall practise, describe itself or hold itself out as registered valuers for the purposes of this Act or permit itself to be so described or held out. 34AD. Removal from register of names of valuers and restoration. (1) The Board may remove the name of any person from the register of valuers where it is satisfied, after giving that person a reasonable opportunity of being heard and after such further inquiry, if any, as it thinks fit to make,- (i) that his name has been entered in the register by error or on account of misrepresentation or suppression of a material fact; (ii) that he has been convicted of any offence and sentenced to a term of imprisonment or has been guilty of misconduct in his professional capacity which, in the opinion of the Board, renders him unfit to be kept in the register. (2) The Board may, on application and on sufficient cause being shown, restore to the register the name of any person removed therefrom. .