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of <h1>New Rule: Participation in Assessment Proceedings Implies Notice is Served, Per Section 42 of Wealth-tax Act</h1> Section 42, inserted after section 41 of the Wealth-tax Act by the Finance Act, 2008, establishes that if an assessee has participated in any proceeding or inquiry related to assessment or reassessment, any notice required under the Act is considered duly served. The assessee cannot object to the notice on grounds of non-service, untimely service, or improper service. However, this provision does not apply if the assessee raises such objections before the completion of the assessment or reassessment.
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