Section 78 - Amendment of section 22D - Finance (No. 2) Act, 1991

78. Amendment of section 22D In section 22D of the Wealth-tax Act,- (a) in sub-section (1), after the first proviso, the following proviso shall be inserted, namely:- Provided further that the Commissioner shall furnish the report within a period of one hundred and twenty days of the receipt of communication from the Settlement Commission in case of all applications made under section 22C on or after the date on which the Finance (No.2) Act, 1991 receives the assent of the President and if the Commissioner fails to furnish the report within the said period, the Settlement Commission may make the order without such report . (b) sub-section (1A) shall be omitted.