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of <h1>Amendment to Section 24 of Wealth-tax Act mandates Tribunal to hear Valuation Officer if asset valuation is contested.</h1> The amendment to section 24 of the Wealth-tax Act, 1957, under the Taxation Laws (Amendment) Act, 1972, revises sub-section (5) to require that if the valuation of an asset is contested, the Appellate Tribunal must provide the Valuation Officer an opportunity to be heard. This applies when the valuation is conducted under section 16A or when requested by the Wealth-tax Officer for a nominated Valuation Officer. Additionally, sub-sections (6), (7), (8), (8A), and (8B) are removed from the Act.
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