Section 15 - Amendment of section 35 - Taxation Laws (Amendment) Act, 1972

15. Amendment of section 35. In section 35 of the Wealth-tax Act,- (a) in sub-section (1), after clause (a), the following clause shall be inserted, namely:- (aa) the Valuation Officer may amend any order passed by him under section 16A; ; (b) in sub-section (3), in clause (b), for the words Appellate Assistant Commissioner , the words Valuation Officer or the Appellate Assistant Commissioner shall be substituted; (c) after sub-section (6), the following sub-section shall be inserted, namely:-- (6A) Where any amendment made by the Valuation Officer under clause (aa) of sub-section (1) has the effect of enhancing the valuation of any asset, he shall send a copy of his order to the Wealth-tax Officer who shall thereafter proceed to amend the order of assessment in conformity with the order of the Valuation Officer and the provisions of sub-section (6) shall apply accordingly. ; (d) after sub-section (7), the following sub-section shall be inserted, namely:- (7A) Notwithstanding anything contained in sub-section (7), where the valuation of any asset has been enhanced by the Valuation Officer under this section, the consequential amendment to the order of assessment may be made by the Wealth-tax Officer at any time before the expiry of one year from the date of the order of the Valuation Officer under this section. .