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<h1>Asset valuation rule change: specified assets including hotels must use higher of book or wealth-tax schedule value.</h1> The amendment prescribes that the value of any asset specified in subsection (3) shall be either its valuation under Schedule III to the Wealth tax Act on the valuation date or its value disclosed in the company's balance sheet on the valuation date, whichever is higher, and defines 'balance sheet' as having the meaning given in rule 11 of Schedule III to the Wealth tax Act.