Amendment of section 2

Section 67 of the Finance Act, 1998 deals with amendment of section 2. Amendment of section 2. 67. In section 2 of the Wealth-tax Act,— (a ) for clause (ca), the following clause shall be substi­tuted with effect from the 1st day of October, 1998, namely :— ‘(ca) "Assessing Officer" means the Deputy Commissioner of Income-tax or the Assistant Commissioner or the Income

Amendment of section 2.

67. In section 2 of the Wealth-tax Act,—

(a ) for clause (ca), the following clause shall be substi­tuted with effect from the 1st day of October, 1998, namely :—

‘(ca) "Assessing Officer" means the Deputy Commissioner of Income-tax or the Assistant Commissioner or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or sub-section (2) of section 120 or any other provision of the Income-tax Act which apply for the pur­poses of wealth-tax under section 8 of this Act and also the Joint Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise or perform all or any of the powers and functions conferred on or assigned to the Assessing Officer under that Act;

(b ) in clause (ea) with effect from the 1st day of April, 1999,—

(i) for sub-clause (i), the following sub-clause shall be substituted, namely :—

‘(i) any building or land appurtenant thereto (hereinafter referred to as "house"), whether used for residential or commer­cial purposes or for the purpose of maintaining a guest house or otherwise including a farm house situated within twenty-five kilometres from local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not include—

(1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a direc­tor who is in whole-time employment, having a gross annual salary of less than five lakh rupees;

(2) any house for residential or commercial purposes which forms part of stock-in-trade;

(3) any house which the assessee may occupy for the purposes of any business or profession carried on by him;

(4) any residential property that has been let-out for a minimum period of three hundred days in the previous year;

(5) any property in the nature of commercial establishments or complexes.’;

(ii) after clause (vi), in the Explanation, in clause (b), in sub-clause (ii), for the words "or any land held by the asses­see as stock-in-trade for a period of five years from the date of its acquisition by him", the words "or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him" shall be substituted;

(c ) for clause (s), the following clause shall be substi­tuted with effect from the 1st day of October, 1998, namely :—

‘(s) the expressions "Chief Commissioner, Director-General, Commissioner, Commissioner (Appeals), Director, Additional Direc­tor of Income-tax, Additional Commissioner of Income-tax, Joint Director, Joint Commissioner of Income-tax, Deputy Director, Deputy Commissioner, Assistant Commissioner, Assistant-Director, Income-tax Officer, Inspector of Income-tax and Tax Recovery Officer" shall have the meanings respectively assigned to them under section 2 of the Income-tax Act.’.

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Section 67, The Finance Act, 1998.