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of <h1>Section 16A: New Powers for Wealth-tax Officers to Verify Asset Valuations with Valuation Officer Under Taxation Laws Amendment.</h1> The Taxation Laws (Amendment) Act, 1972 introduces Section 16A to the Wealth-tax Act, 1957, allowing the Wealth-tax Officer to refer asset valuations to a Valuation Officer. This can occur if the officer believes the declared asset value is below market value or exceeds a prescribed threshold. The Valuation Officer can request documents from the assessee, and if the asset's value differs from the return, the assessee is notified and allowed to object. The Valuation Officer then estimates the asset's value and communicates this to both the Wealth-tax Officer and the assessee, guiding the final assessment.
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