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of <h1>Wealth-tax Act Section 34AD Amended: New Roles for Chief Commissioner and Director General, Triennial Valuer Reviews Introduced.</h1> Section 34AD of the Wealth-tax Act has been amended by the Finance Act, 1988, effective June 1, 1988. The term 'Board' is replaced with 'Chief Commissioner or Director General' in sub-sections (1) and (2). The language is modified to reflect individual responsibility, changing phrases like 'it is satisfied' to 'he is satisfied.' New sub-sections (3) and (4) are added, requiring a triennial review of registered valuers' performance by the Chief Commissioner or Director General, who may remove names from the Register. They may conduct inquiries or appoint an Inquiry Officer with powers akin to a civil court.
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