Section 153 - Amendment of section 37 - Direct Tax Laws (Amendment) Act, 1987

153. Amendment of section 37. In section 37 of the Wealth-tax Act,- (a) after sub-section (1), the following sub-section shall be inserted, namely :- (1A) If the Director General or Director or the authorised officer referred to in sub-section (1) of section 37A, before he takes action under clauses (i) to (vi) of that sub-section, has reason to suspect that any net wealth has been concealed, or is likely to be concealed, by any person or class of persons within his jurisdiction, then, for the purposes of making any inquiry or investigation relating thereto, it shall be competent for him to exercise the powers conferred under sub-section (1) on the wealth-tax authorities referred to in that section, notwithstanding that no proceedings with respect to such person or class of persons are pending before him or any other wealth-tax authority. ; (b) sub-section (2) shall be omitted; (c) in sub-section (3),- (i) after the words, brackets and figure in sub-section (1) , the words, brackets, figure and letter or sub-section (1A) shall be inserted; (ii) in the proviso, after the words Valuation Officer , the words or an Assistant Director shall be inserted.