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of <h1>Finance Act 1987: Section 81 revises Wealth-tax Act, expanding financial liabilities and mandating pre-order review by Settlement Commission.</h1> Section 81 of the Finance Act, 1987, amends section 22D of the Wealth-tax Act effective June 1, 1987. A new sub-section (5) is added, mandating that materials presented to the Settlement Commission be reviewed by the Bench Members before issuing any order under sub-section (4), with section 22BD's provisions applicable to such orders. Additionally, sub-section (6) is amended to replace 'tax or penalty' with 'tax, penalty or interest,' broadening the scope of financial liabilities considered under this section.
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