Section 66 - Amendment of section 31 - Taxation Laws (Amendment) Act, 1984

66. Amendment of section 31. In section 31 of the Wealth-tax Act, with affect from the 1st day of October, 1984, (a) in sub-section (2), for the words twelve per cent. , the words fifteen per cent. shall be substituted; (b) after sub-section (2), the following sub-section shall be inserted namely: (2A) Notwithstanding anything contained in sub-section (2), the Board may reduce or waive the amount of interest payable by an assessee under the said sub-section if, on the recommendation made by the Commissioner in this behalf, it is satisfied that (i) payment of such amount would cause genuine hardship to the assessee; (ii) default in the payment of the amount on which interest was payable under the said sub-section was due to circumstances beyond the control of the assessee; and (iii) the assessee has co-operated in any inquiry relating to the assessment or any proceeding for the recovery of any amount due from him. .