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of <h1>Section 23 of Wealth-tax Act Amended: New Rules for Objections and Hearings on Asset Valuations Introduced</h1> The amendment to section 23 of the Wealth-tax Act, 1957, introduced by the Taxation Laws (Amendment) Act, 1972, includes several changes. It adds a clause allowing objections to orders by the Valuation Officer that enhance asset valuations or deny claims. The term 'Wealth-tax Officer' is replaced with 'Wealth-tax Officer or Valuation Officer' in relevant sections. A new sub-section mandates that if an asset's valuation is contested, the Appellate Assistant Commissioner must provide a hearing opportunity to the Valuation Officer involved in the valuation or any nominated Valuation Officer if requested by the Wealth-tax Officer.
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