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of <h1>Amendment to Section 37A of Wealth-tax Act Refines Search and Seizure Provisions for Valuable Assets and Undisclosed Wealth</h1> The amendment to Section 37A of the Wealth-tax Act modifies provisions regarding search and seizure operations. It replaces 'articles or things including money' with more specific 'money, bullion, jewellery or other valuable article or thing' throughout the section. The amendment introduces provisions for handling items that cannot be physically seized, allowing authorized officers to issue orders prohibiting removal or disposal. It establishes a 120-day timeframe for Assessing Officers to estimate undisclosed wealth, calculate tax, determine penalties, and retain sufficient assets to satisfy liabilities. Additional provisions address objection procedures, time extensions for orders, and clarification that examinations may extend beyond seized items to any matters relevant to investigations under the Act.
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