Section 8 - Amendment of section 7 - Taxation Laws (Amendment) Act, 1972

8. Amendment of section 7. In section 7 of the Wealth-tax Act, after sub-section (2), the following sub-section shall be inserted, namely:- (3) Notwithstanding anything contained in sub-section (1), where the valuation of any asset is referred by the Wealth-tax Officer to the Valuation Officer under section 16A, the value of such asset shall be estimated to be the price which, in the opinion of the Valuation Officer, it would fetch if sold in the open market on the valuation date. .