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<h1>Wealth-tax Act amended: High Court can admit late applications with valid reasons, retroactive from June 1, 1981.</h1> Section 27 of the Wealth-tax Act has been amended to include a new sub-section (3B), effective retroactively from June 1, 1981. This provision allows the High Court to admit an application even after the expiration of the initial ninety-day period specified in sub-section (3), provided there is sufficient cause for the delay in filing. This amendment is part of the Finance Act, 2010, which modifies the procedural aspects of wealth tax legislation.