Amendment of section 16
Amendment of section 16.
74. In section 16 of the Wealth-tax Act, with effect from the 1st day of October, 1991,—
(a) in sub-section (2), for the proviso, the following proviso shall be substituted, namely:—
"Provided that no notice under this sub-section shall . be served on the assessee after the expiry of twelve months from the end of the month in which the return is furnished.";
(b) the following Explanation shall be inserted at the end, namely:—
"Explanation.—An intimation sent to the assessee under sub-section (1) or sub-section (1B) shall be deemed to be an order for the purposes of sub-section (1) of section 25.".
[Finance (No. 2) Act, 1991]