Section 34 - Amendment of Section 21 - Finance (No. 2) Act, 1971

34. Amendment of Section 21 In section 21 of the Wealth-tax Act, in sub-section (4), with effect from the 1st day of April, 1972, - (a) in clause (a) and in the proviso, the words in the case of an individual shall be omitted; (b) the following Explanation shall be inserted at the end, namely :- Explanation : Notwithstanding anything contained in section 5, in computing the net wealth for the purposes of this sub-section in any case, not being a case referred to in the proviso, any assets referred to in clauses (xv), (xvi), (xxii), (xxiii), (xxiv), (xxv), (xxvi), (xxvii), (xxviii) and (xxix) of sub-section (1) of that section shall not be excluded. .