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of <h1>Section 8AA Amends Wealth-tax Act: Concurrent Powers for Inspecting Assistant and Wealth-tax Officers, Alters Appeals Process.</h1> The Taxation Laws (Amendment) Act, 1975 introduces Section 8AA to the Wealth-tax Act, 1957, establishing concurrent jurisdiction between the Inspecting Assistant Commissioner and Wealth-tax Officers. The Commissioner can authorize the Inspecting Assistant Commissioner to share powers with Wealth-tax Officers in specific areas or cases. Wealth-tax Officers must adhere to instructions from the Inspecting Assistant Commissioner, provided they are not prejudicial to the assessee without prior hearing. References to Wealth-tax Officers and Appellate Assistant Commissioners in the Act will be interpreted as referring to the Inspecting Assistant Commissioner and the Commissioner, altering the appeal process accordingly.
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