Section 88 - Amendment of section 31 - Finance Act, 1987

88. Amendment of section 31 In section 31 of the Wealth-tax Act, in sub-section (2A), - (a) in the opening portion, - (i) for the words the Board may , the words the Commissioner may shall be substituted; (ii) for the words interest payable by an assessee , the words interest paid or payable by an assessee shall be substituted and shall be deemed to have been substituted with effect from the 1st day of October, 1984; (iii) for the words , on the recommendation made by the Commissioner in this behalf, it is satisfied that , the words he is satisfied that shall be substituted; (b) for clauses (i) and (ii), the following clauses shall be substituted and shall be deemed to have been substituted with effect from the 1st day of October, 1984, namely :- (i) payment of such amount has caused or would cause genuine hardship to the assessee; (ii) default in the payment of the amount on which interest has been paid or was payable under the said sub-section was due to circumstances beyond the control of the assessee; and .