8. The following amendments shall be made in the Wealth Tax Act, 1963 (XV of 1963), namely:- [(1) in section 2, after clause (oo), the following new clause shall be inserted and shall be deemed to have been so inserted with effect from the 26th day of March, 1971, namely:-“(ooo) “taxable territories” has the meaning assigned to that expression by clause (14AA) of section 2 of Income-tax Act, 1922;”]; (2) in section 27,-(a) for sub-section (1), (2), (3), (4) and (5) the following shall be substituted, namely:-“(1) Within ninety days of the date upon which is served with an order under section 24 or section 26, the assessee or the Commissioner may present an application the prescribed form and where the application is by the assessee, accompanied by a fee of one hundred taka, to the High Court referring any question of law arising out of such order.(2) An application under sub-section (1) may be admitted after the expiry of the period of ninety days aforesaid if the High Court is satisfied that there was sufficient cause for not presenting it within the said period.(3) An application under sub-section (1) shall be in triplicate and shall be accompanied by the following documents, and where any such document is in any language, other than English, also by a translation thereof in English, namely:-(a) Certified copy, in triplicate, of the order of the Appellate Tribunal out of which the question of law has arisen;(b) Certified copy, in triplicate, of the order of the Wealth-tax Officer, the Appellate Assistant Commissioner of Wealth-tax; or the Inspecting Assistant Commissioner of Wealth-tax, as the case may be, which was subject-matter of appeal before the Appellate Tribunal; and(c) Certified copy, in triplicate, of any other document, the contents of which are relevant to the question of law formulated in the application and which was produced before the Wealth-tax Officer, the Appellate Assistant Commissioner of Wealth-tax the Inspecting Assistant Commissioner of Wealth-tax or the Appellate Tribunal, as the case may be, in the course of any proceedings relating to any order referred to in clause (a) or clause (b).(4) Where the assessee is the applicant, the Commissioner shall be made a respondent and where the Commissioner is the applicant, the assessee shall be made a respondent:Provided that where an assessee dies or is adjudicated insolvent or is succeeded by another person or is a company which is being wound up, the application shall not abate and may, if the assessee was the applicant, be continued by, and if he was the respondent be continued against, the executor, administrator or successor of other legal representative of the assessee, or by or against the liquidator or receiver, as the case may be.(5) On receipt of the notice of the date of hearing of the application, the respondent shall, at least seven days before the date of hearing, submit in writing a reply to the application and he shall therein specifically admit or deny whether the question ²[of] law formulated by the application arises out of the order of the Appellate Tribunal. If the question formulated by the applicant is, in the opinion of the respondent, defective, the reply shall state in what particular the question is defective and what is the exact question of law, if any, which arises out of the said order; and the reply shall be in triplicate and be accompanied by any documents (along with a translation in English of such documents as are not in English) which are relevant to the question of law formulated in the application and which were produced before the Wealth-tax Officer, the Appellate Assistant Commissioner of Wealth-tax, the Inspecting Assistant Commissioner of Wealth-tax or the Appellate Tribunal, as the case may be, in the course of any proceedings relation to any order referred to in clause (a) or clause (b) or sub-section ³[(1)].”; and(b) in sub-section (6), for the words “any such case” the words “any such application” shall be substituted;(c) after sub-section (9), the following new sub-section shall be added, namely:-“(10) Any application made to the Appellate Tribunal or any question of law referred to the High Court by the Appellate Tribunal before the first day of July, 1971, shall be disposed of by the Appellate Tribunal or the High Court, as the case may be, as if the Finance (1971-72) Order, 1972, had not come into force.”; (3) in the Schedule, in paragraph (1), for items (i), (ii) and (iii) the following shall be substituted, namely:-“(i) on the first taka two lakhs of net wealth, or where an assessee, being a person owning and occupying a house for purposes of his own residence, exercises the option to have the value of such house being excluded from his assets, on the first taka one lakh of net wealth .............................. Nil.(ii) on the next taka two lakhs of net wealth..................... ┬¢ per cent(iii) on the next take five lakhs of net wealth .. .. 1 per cent