Clause 61 - Insertion of new section 42 - WT Act - Notice deemed to be valid in certain circumstances. - Finance Bill, 2008

61. After section 41 of the Wealth-tax Act, the following section shall be inserted, namely:— "42. Where an assessee has appeared in any proceeding or cooperated in any inquiry relating to an assessment or reassessment, it shall be deemed that any notice under any provision of this Act, which is required to be served upon him, has been duly served upon him in time in accordance with the provisions of this Act and such assessee shall be precluded from taking any objection in any proceeding or inquiry under this Act that the notice was— ( a ) not served upon him; or ( b ) not served upon him in time; or ( c ) served upon him in an improper manner.".