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of <h1>Amendment to Section 35 of Wealth-tax Act: Valuation Officer Gains New Powers for Order Amendments and Asset Valuation Adjustments.</h1> The amendment to Section 35 of the Wealth-tax Act, 1957, introduced by the Taxation Laws (Amendment) Act, 1972, includes several changes. A new clause allows the Valuation Officer to amend orders under Section 16A. The term 'Valuation Officer' is added alongside 'Appellate Assistant Commissioner' in subsection (3). A new subsection (6A) mandates that if the Valuation Officer's amendment increases asset valuation, a copy must be sent to the Wealth-tax Officer, who will amend the assessment order accordingly. Subsection (7A) permits the Wealth-tax Officer to amend assessments within one year following the Valuation Officer's order.
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