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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 1987 amends Section 31 of Wealth-tax Act: Commissioner replaces Board, changes on interest and hardship clauses.</h1> Section 31 of the Wealth-tax Act is amended by the Finance Act, 1987. In sub-section (2A), references to 'the Board' are replaced with 'the Commissioner,' and the phrase 'interest payable by an assessee' is revised to 'interest paid or payable by an assessee,' effective retroactively from October 1, 1984. Further, the requirement for a recommendation by the Commissioner is removed, allowing the Commissioner to act independently. Clauses (i) and (ii) are replaced to address genuine hardship to the assessee and circumstances beyond their control regarding payment defaults, also effective from October 1, 1984.
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