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of <h1>Wealth-tax Act Amendment Simplifies Asset Requisitioning Process by Updating Section 37B Terminology and Procedures</h1> The amendment to section 37B of the Wealth-tax Act modifies provisions regarding requisitioning of assets. It replaces 'articles or things including money' with 'assets' and updates officer designations from 'Wealth-tax Officer' to 'Assistant Commissioner or Income-tax Officer.' The amendment streamlines the delivery process of books, documents, or assets to requisitioning officers and clarifies when such items should be returned. It also establishes that subsections 5-12 of section 37A and section 37C apply to requisitioned items as if they were seized under section 37A, with 'requisitioning officer' replacing 'authorised officer' in those provisions.
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