Section 2 - Definitions - Wealth Tax Act, 1957

Definitions. 2. In this Act, unless the context otherwise requires, (a) 1 [***] 2 [(b) Appellate Tribunal means the Appellate Tribunal constituted under section 252 of the Income-tax Act; (c) assessee means a person by whom wealth-tax or any other sum of money is payable under this Act, and includes (i) every person in respect of whom any proceeding under this Act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person ; (ii) every person who is deemed to be an assessee under this Act ; (iii) every person who is deemed to be an assessee in default under this Act ; 3 [(ca) Assessing Officer means the Deputy Commissioner of Income-tax or the Assistant Commissioner or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or sub-section (2) of section 120 or any other provision of the Income-tax Act which apply for the purposes of wealth-tax under section 8 of this Act and also the 4 [Additional Commissioner or] 5 [Additional Director or] Joint Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise or perform all or any of the powers and functions conferred on or assigned to the Assessing Officer under that Act;] 6 [(cb)] assessment includes reassessment ; (d) assessment year means a period of twelve months commencing on the 1st day of April, every year ; ]] 7 [ 8 (e) 9 assets includes property of every description, movable or immovable, but does not include, (1) in relation to the assessment year commencing on the 1st day of April, 1969, or any earlier assessment year (i) agricultural land and growing crops, grass or standing trees on such land ; (ii) any building owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land : Provided that the building is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of rent or revenue by reason of his connection with the land requires as a dwelling house or a store-house or an out-house; (iii) animals; (iv) a right to any annuity in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant; (v) any interest in property where the interest is available to an assessee for a period not exceeding six years from the date the interest vests in the assessee ; (2) in relation to the assessment year commencing on the 1st day of April, 1970, or any subsequent assessment year 10 [but before the 1st day of April, 1993]- (i) animals; (ii) a right to any annuity 11 [(not being an annuity purchased by the assessee or purchased by any other person in pursuance of a contract with the assessee)] in any case where the terms and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant ; (iii) any interest in property where the interest is available to an assessee for a period not exceeding six years from the date the interest vests in the assessee: ] 12 [ Provided that in relation to the assessment year commencing on the 1st day of April, 1981, 13 [and the assessment year commencing on the 1st day of April, 1982], this sub-clause shall have effect subject to the modification that for item (i) thereof, the following item shall be substituted, namely :- (i) (a) agricultural land other than land comprised in any tea, coffee, rubber or cardamom plantation ; (b) any building owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land other than land comprised in any tea, coffee, rubber or cardamom plantation : Provided that the building is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of the rent or revenue by reason of his connection with the land requires as a dwelling-house or a store-house or an out-house ; (c) animals ;:] 14 [Provided further that in relation to the assessment year commencing on the 1st day of April, 1983 or any subsequent assessment year, this sub-clause shall have effect subject to the modification that for item (i) thereof, the following item shall be substituted, namely:- (i)(a) agricultural land and growing crops (including fruits on trees), grass or standing trees on such land ; (b) one building or one group of buildings owned or occupied by a cultivator of, or receiver of rent or revenue out of, agricultural land : Provided that such buildings or group of buildings is on or in the immediate vicinity of the land and is a building which the cultivator or the receiver of rent or revenue by reason of his connection with the land requires as store-house or for keeping livestock; (c) animals;: ] 15 [ 16 [ 17 [Provided also ] that] in relation to the State of Jammu and Kashmir, this sub-clause shall have effect subject to the modification that for the assets specified in 18 [item (i)] of this sub-clause, the assets specified in 19 [items (i) to (iii)] of sub-clause (1) shall be substituted and the other provisions of this Act shall be construed accordingly;] 20 [(ea) assets , in relation to the assessment year commencing on the 1st day of April, 1993, or any subsequent assessment year, means 21 [(i) any building or land appurtenant thereto (hereinafter referred to as house), whether used for residential or commercial purposes or for the purpose of maintaining a guest house or otherwise including a farm house situated within twenty-five kilometres from local limits of any municipality (whether known as Municipality, Municipal Corporation or by any other name) or a Cantonment Board, but does not include (1) a house meant exclusively for residential purposes and which is allotted by a company to an employee or an officer or a director who is in whole-time employment, having a gross annual salary of less than 22 [ ten lakh rupees ] ; (2) any house for residential or commercial purposes which forms part of stock-in-trade; (3) any house which the assessee may occupy for the purposes of any business or profession carried on by him; (4) any residential property that has been let-out for a minimum period of three hundred days in the previous year; (5) any property in the nature of commercial establishments or complexes; ] (ii) motor cars (other than those used by the assessee in the business of running them on hire or as stock-in-trade) ; (iii) jewellery, bullion, furniture, utensils or any other article made wholly or partly of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals: Provided that where any of the said assets is used by the assessee as stock-in-trade, such asset shall be deemed as excluded from the assets specified in this sub-clause ; (iv) yachts, boats and aircrafts (other than those used by the assessee for commercial purposes) ; (v) urban land ; (vi) cash in hand, in excess of fifty thousand rupees, of individuals and Hindu undivided families and in the case of other persons any amount not recorded in the books of account. Explanation 23 [1]. For the purposes of this clause, (a) jewellery includes (i) ornaments made of gold, silver, platinum or any other precious metal or any alloy containing one or more of such precious metals, whether or not containing any precious or semi-precious stones, and whether or not worked or sewn into any wearing apparel ; (ii) precious or semi-precious stones, whether or not set in any furniture, utensils or other article or worked or sewn into any wearing apparel ; 58 [(b) urban land means land situate- (i) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand; or (ii) in any area within the distance, measured aerially,- (I) not being more than two kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten thousand but not exceeding one lakh; or (II) not being more than six kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than one lakh but not exceeding ten lakh; or (III) not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in sub-clause (i) and which has a population of more than ten lakh, but does not include land classified as agricultural land in the records of the Government and used for agricultural purposes or land on which construction of a building is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him or any land held by the assessee as stock-in-trade for a period of ten years from the date of its acquisition by him. Explanation.-For the purposes of clause (b) of Explanation 1, population means the population according to the last preceding census of which the relevant figures have been published before the date of valuation.] 26 [ Explanation 2. For the removal of doubts, it is hereby declared that jewellery does not include the Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999 notified by the Central Government; ] (f) Board means the 27 [ Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963 (54 of 1963) ] ; (g) 28 [***] (gg) 29 [***] 30 [(h) company shall have the meaning assigned to it in clause (17) of section 2 of the Income-tax Act;] 31 [(ha) co-operative society means a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State for the registration of co-operative societies;] (hb) 32 [***] (i) executor means an executor or administrator of the estate of a deceased person ; 33 [(ia) High Court , in relation to the Union territories of Dadra and Nagar Haveli and Goa, Daman and Diu, means the High Court at Bombay ;] 34 [(j) Income-tax Act means the Income-tax Act, 1961 (43 of 1961); ] (k) 35 [***] 36 [ India means the territory of India as referred to in article 1 of the Constitution, its territorial waters, seabed and subsoil underlying such waters, continental shelf, exclusive economic zone or any other maritime zone as referred to in the Territorial Waters, Continental Shelf, Exclusive Economic Zone and Other Maritime Zones Act, 1976, and the air space above its territory and territorial waters;] (l) 37 [***] (la) 38 [***] 39 [(lb) legal representative 40 has the meaning assigned to it in clause (11) of section 2 of the Code of Civil Procedure, 1908 (5 of 1908);] 41 [(lc) maximum marginal rate means the rate of wealth-tax applicable in relation to the highest slab of wealth in the case of an individual as specified in Part I of Schedule I ;] 42 [***] 43 [(m) net wealth means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee 44 [on the valuation date which have been incurred in relation to the said assets; ]] (n) prescribed means prescribed by rules made under this Act ; (o) principal officer , used with reference to a company, means the secretary, manager, managing agent or managing director of the company, and includes any person connected with the management of the affairs of the company upon whom the 45 [Assessing Officer] has served a notice of his intention of treating him as the principal officer thereof ; 46 [(oa) public servant 47 has the same meaning as in section 21 of the Indian Penal Code (45 of 1860);] 48 [(oaa) registered valuer means a person registered as a valuer under section 34AB;] 49 [(ob) regular assessment means the assessment made under 50 [sub-section (3) or sub-section (5) of section 16;] (p) Ruler 51 means a Ruler as defined in clause (22) of article 366 of the Constitution; (q) valuation date , in relation to any year for which an assessment is to be made under this Act, means the last day of the previous year as defined in 52 [section 3] of the Income-tax Act, if an assessment were to be made under that Act for that year : 53 [Provided that (i) 54 [***] (ii) in the case of a person who is not an assessee within the meaning of the Income-tax Act, the valuation date for the purposes of this Act shall be the 31st day of March immediately preceding the assessment year ; (iii) where an assessment is made in pursuance of section 19A, the valuation date shall be the same valuation date as would have been adopted in respect of the net wealth of the deceased if he were alive; ] 55 [(r) Valuation Officer means a person appointed as a Valuation Officer under section 12A, and includes a Regional Valuation Officer, a District Valuation Officer, and an Assistant Valuation Officer;] 56 [(s) the expressions Chief Commissioner, Director-General, Commissioner, Commissioner (Appeals), Director, Additional Director of Income-tax, Additional Commissioner of Income-tax, Joint Director, Joint Commissioner of Income-tax, Deputy Director, Deputy Commissioner, Assistant Commissioner, Assistant Director, Income-tax Officer, Inspector of Income-tax and Tax Recovery Officer shall have the meanings respectively assigned to them under section 2 of the Income-tax Act. ] --------------------------------------- Notes:- 1. Omitted vide Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988. Before to its omission, clause (a) read as under: (a) Appellate Assistant Commissioner means a person empowered to exercise the functions of an Appellate Commissioner of Wealth-tax under section 9; 2. Substituted vide for Original clauses (b), (c) and (d) by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 3. Substituted vide Finance (No. 2) Act, 1998, w.e.f. 1-10-1998. Before its substitution, clause (ca) as inserted by the Direct Tax Laws (Amendment) Act, 1987 (as amended) by the Finance Act, 1988), w.e.f. 1-4-1988, read as under: (ca) Assessing Officer means the Assistant Commissioner or the Income-tax Officer who is vested with the relevant jurisdiction by virtue of directions or orders issued under sub-section (1) or sub-section (2) of section 120 or any other provision of the Income-tax Act which apply for the purposes of wealth-tax under section 8 of this Act, and also the Deputy Commissioner who is directed under clause (b) of sub-section (4) of the said section 120 to exercise or perform all or any of the powers and function conferred on or assigned to the Assessing Officer under that powers function conferred on or assigned to the Assessing Officer under that Act; 4 . Inserted vide Finance Act, 2007, w.r.e.f. 1-6-1994. 5. Inserted vide Finance Act, 2007, w.r.e.f. 1-10-1996. 6. Re-lettered by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988. 7. Substituted vide Finance Act, 1969, w.e.f. 1-4-1969. 8. For wealth-tax assessment in respect of property left in earthwhile East Pakistan, after Indo-Pak Conflict of 1965, see also Circular No. 547, dated 18-10-1989. For details, see Referencer. 9. See also Circular No. 222, dated 10-6-1977, Circular No. 385, dated 3-7-1984, Circular No. 2-D(WT) of 1960, dated 26-2-1960, Circular No. 2(WT) of 1968, dated 16-3-1968, Circular No. 17, dated 10-6-1969 and Letter F. No. 326/1/72-WT, dated 17-6-1972. For details, Referencer. 10. Inserted vide Finance Act, 1992, w.e.f. 1-4-1993. 11. Inserted vide finance act, 1974, w.e.f. 1-4-1975. 12. Substituted vide Finance (No. 2) Act, 1980, w.e.f. 1-4-1981. 13. Substituted vide Finance Act, 1982, w.e.f. 1-4-1983., before it was read as:- or any subsequent year 14. inserted Finance Act, 1982, w.e.f. 1-4-1983., 15. Inserted vide Finance Act, 1970, with retrospective effect from 1-4-1969. 16. Substituted vide Finance (No.2) Act, 1980, w.e.f. 1-4-1981., before it was read as:- Provided that 17. Substituted vide Finance Act, 1982, w.e.f. 1-4-1983., before it was read as:- Provided Further 18. Substituted vide Finance Act, 1974, w.e.f. 1-4-1975., before it was read as:- items (i) to (iii) 19. Substituted vide Finance Act, 1974, w.e.f. 1-4-1975., before it was read as:- items (i) to (v) , 20. Inserted vide Finance Act, 1992, w.e.f. 1-4-1993. 21. Substituted vide Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Before it was substitution, sub-clause (i), as inserted by the Finance Act, 1992, w.e.f. 1-4-1993 and later on substituted by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997, read as under: (i) any building or land appurtenant thereto (hereinafter referred to as house ), whether used for residential or commercial purpose or for the purpose of maintaining a guest-house or otherwise including a farm house situated within twenty-five kilometers from local limits of any municipality (whether known as municipality, municipal corporation or by any other name) or a cantonment board, but does not include- (1) a house meant exclusively for residential purpose and which is allotted by a company to an employee or an officer or director who is in whole-time employment, having a gross annual salary of less than two lakhs rupees; (2) any house for residential or commercial purposes which forms part of stock-in-trade; (3) any house which the assessee may occupy for the purposes of any business or profession carried on by him; 22. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013, before it was read as:- five lakh rupees 23. Inserted vide Finance Act, 1999, w.e.f. 1-4-2000. 24. Inserted vide Finance Act, 1993, w.e.f. 1-4-1993. 25. Substituted vide Finance (No. 2) Act, 1998, w.e.f. 1-4-1999. Before it was read as:- five was substituted for three by Finance Act, 1994, w.e.f. 1-4-1995. 26. Inserted vide Finance Act, 1999, w.e.f. 1-4-2000. 27. Substituted vide Central Boards of Revenue Act, 1963, w.e.f. 1-1-1964., before it was read as:- Central Board of Revenue constituted under the Central Board of Revenue Act, 1924 (4 of 1924) 28. Clause (g) omitted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988 before it was omission, clause (g) stood as under: (g) Commissioner means a person empowered to exercise the functions of a Commissioner of Wealth-tax under section 10; 29. Clause (gg) omitted vide Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988, before it was omission, clause (gg), as inserted by the Finance (No.2) Act, 1977, w.e.f. 10-7-1978, stood as under: (gg) Commissioner (Appeals) means a person empowered to exercise the functions of a Commissioner of Wealth-tax (Appeals) under section 9A; 30. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. Clause (h) was first substituted, amplified and amended by the Finance Act, 1958, with retrospective effect from 1-4-1957, then by the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f. 1-4-1963, then by the Finance (No. 2) Act, 1967, with retrospective effect from 1-4-1957, and then by the Finance Act, 1975, w.e.f. 1-4-1975. Immediately before its substitution by the Amendment Act, 1987, it stood as under: (h) company means a company formed and registered under the Companies Act, 1956(1 of 1956), and includes- (i) a company formed and registered under any law relating to companies formerly in force in any part of India; (ii) a corporation established by or under a Central, State or Provincial Act; (iii) any institution, association or body, whether incorporated or not and whether Indian or non-Indian, which the Board may, having regard to the nature and objects of such institution, association or body, declare by general or special order to be a company : Provided that such institution, association or body shall be deemed to be accompany only for such assessment year or assessment years (whether commencing before the 1 st day of April, 1975, or on or after that date) as may be specified in the declaration; (iv) any body corporate incorporated by or under the laws of a country outside India; 31. Inserted vide Finance Act, 1972, w.r.e.f. 1-4-1957. 32. Clause (gb) omitted by the by the Direct Tax Laws (Amendment) Act 1987 (as amended by the Finance Act, 1988), w.e.f. 1-1988, before it was omission clause (hb), as inserted by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965 and amended by the Finance Act, 1972, with retrospective effect from 1-4-1965, stood as under: (hb) Director of Inspection includes as Additional Director of Inspection, a Deputy Director of Inspection and an Assistant Director of Inspection ; 33. Inserted vide the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f.1-4-1963. 34. Substituted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 35. Clause (k) omitted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988, before it was omission, clause (k) stood as under: (k) Income-tax officer means a person appointed to be an Income-tax Officer under the Income-tax Act; 36. Substituted vide Finance Act, 2007, w.r.e.f. 25-8-1976, before it was substitution, clause (ka), as inserted by the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f. 1-4-1963, read as under: [(ka) India shall be deemed to include the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu, and Pondicherry- (i) as respects any period, for the purposes of section 6 ; and (ii) as respects any period included in the year ending with the valuation date, for the purpose of making any assessment for the assessment year commencing on the 1st day of April, 1963 or for any subsequent year ; 37. Clause (l) omitted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988, before it was omission clause (l), as inserted by the Taxation Laws (Extension to Union Territories) Regulation, 1963, w.e.f. 1-4-1963 stood as under: (l) Inspecting Assistant Commissioner of Wealth-tax means a person empowered to exercise the functions of an Inspecting Assistant Commissioner of Wealth-tax under section 11; 38. Clause (la) omitted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988, before it was omission, clause (la), as inserted by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965 stood as under: (la) Inspector of Wealth-tax means an Inspector of Income-tax empowered to work as an Inspector of Wealth-tax under section 11A. 39 . Inserted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 40. Clause (11 of section 2 of the Code of Civil Procedure defines legal representative as follows: (11) legal representative means a person who in law represents the estate of a deceased person, and includes any person who intermeddles with the estate of the deceased and where a party sues or is sued in a representative character the person on whom the estate devolves on the death of the party so suing or sued; 41 . Inserted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989. 42. Originally, proposed to be inserted by the National Tax Tribunal Act, 2005 from the date to be notified, but since withdrawn. 43. See also Instruction No. 1070, dated 28-6-1977 and Circular No. 663, dated 28-9-1993. For details see Refencer. 44. Substituted for the words beginning with on the valuation date other than- and ending with under sub-section (1A) of section 5 by the Finance Act, 1992, w.e.f. 1-4-1993, before to substitution this portion, as amended by the Finance Act, 1959, w.r.e.f. 1-4-1957, the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965 the Finance Act, 1987, w.e.f. 1-4-1988 and Direct Tax Laws (Amendment) Act, 1989, w.e.f. 1-4-1989, read as under: on the valuation date other than- (i) debts which under section 6 are not to be taken into account: (ii) debts which are secured on, or which have been incurred in relation to, any property in respect of which Wealth-tax is not chargeable under this Act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this Act or any law relating to taxation of income of profits, or the Estate Duty Act, 1953 (34 of 1953), the Expenditure-tax Act, 1987 (29 of 1987), or the Gift-tax Act, 1958 (18 of 1958),- (a) which is outstanding on the valuation date and is claimed by the assessee in appeal, revision or other proceeding as not being payable by him; or (b) which, although not claimed by the assessee as not being payable by him, is nevertheless outstanding for a period of more than twelve months on the valuation date. Explanation 1.- A building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the Income-tax Act shall be includable in the net wealth of the person who is deemed under the said clause to be the owner of that building or part thereof. Explanation 2.- Where a debt falling under sub-clause (ii) is secured on, or has been incurred in relation to any asset which is not to be included wholly or partly in the net wealth by virtue of the provisions of sub-section (1A) of section 5, the amount of such debt shall, for the purposes of the said sub-clause, be limited to the value of the said asset which is not includiable in the net wealth under sub-section (1A) of section 5 . 45. Substituted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1988., before it was read as:- Wealth-tax Officer 46. Inserted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 47. For definition public servant under section 21 of the Indian Penal Code; See Appendix. 48. Inserted vide Taxation Laws (Amendment) Act, 1972, w.e.f. 15-11-1972. 49 . Inserted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965. 50. Substituted vide Finance Act, 1990, w.r.e.f. 1-4-1989., before it was read as:- section 16 51. Clause (22) of article 366 of the Constitution defines Ruler as follows: (22) Ruler means the Prince, Chief or other person who, at any time before the commencement of the Constitution (Twenty-sixth Amendment) Act, 1971, was recognised by the President as the Ruler of an Indian State or any person who, at any time before such commencement, was recognised by the President as the successor of such Ruler. 52. Substituted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965., before it was read as:- clause (11) of section 2 53. Substituted vide Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965., 54. Omitted vide Direct Tax Laws (Amendment) Act, 1987, w.e.f. 1-4-1989, before it was omission clause (i) of the proviso stood as under: (i) where in the case of an assessee there are different previous years under the Income-tax Act for difference sources of income, the valuation date for the purposes of this Act, shall be the last day of the previous year aforesaid; 55. Substituted vide Taxation Laws (Amendment) Act, 1972, w.e.f. 15-11-1972. 56. Substituted vide Finance (No.2) Act, 1998, w.e.f. 1-10-1998. Before it was substitution clause (s), as amended by the Wealth-tax (Amendment) Act, 1964, w.e.f. 1-4-1965 and the Taxation Laws (Amendment) Act, 1972, w.e.f. 15-11-1972 and later on substituted by the Direct Tax Laws (Amendment) Act, 1987 (as amended by the Finance Act, 1988), w.e.f. 1-4-1988 and again amended by the Finance Act, 1994 w.e.f. 1-6-1994, read as under: (s) the expressions Chief Commissioner , Director-General , Commissioner , Commissioner (appeals) , Director , Additional Director of Income-tax , Additional Commissioner of Income-tax (Appeals) , Deputy Director , Deputy Commissioner , Deputy Commissioner (Appeals) , Assistant Commissioner , Income-tax Officer , Inspector of Income-tax and Tax Recovery Officer shall have the meaning respectively assigned to them under section 2 of the Income-tax Act. 57. Substituted vide Finance Act 2013 w.e.f. 1st day of April, 1993, before it was read as: but does not include land on which construction of a building 58. Substituted vide Finance Act 2013 w.e.f. 1st day of April, 2014 , before it was read as: (b) urban land means land situate (i) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee, or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the valuation date; or (ii) in any area within such distance, not being more than eight kilometres from the local limits of any municipality or cantonment board referred to in sub-clause (i), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette, 57 [but does not include land classified as agricultural land in the records of the Government and used for agricultural purposes or land on which construction of a building] is not permissible under any law for the time being in force in the area in which such land is situated or the land occupied by any building which has been constructed with the approval of the appropriate authority or any unused land held by the assessee for industrial purposes for a period of two years from the date of its acquisition by him 24 [or any land held by the assessee as stock-in-trade for a period of 25 [ten] years from the date of its acquisition by him.]