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of <h1>New Section 38A in Wealth-tax Act Empowers Valuation Officers to Inspect for Accurate Tax Assessments with Two Days' Notice.</h1> The Taxation Laws (Amendment) Act, 1972, introduces Section 38A to the Wealth-tax Act, 1957, detailing the powers of a Valuation Officer and authorized personnel. They may enter and inspect lands, buildings, or assets related to assessments under section 16A, provided they follow prescribed rules and give at least two days' written notice. If entry is refused or evaded, the Valuation Officer can enforce compliance using powers similar to those in section 37. This section aims to facilitate accurate valuation for tax assessments by granting necessary inspection rights to authorized officers.
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