Section 128 - Amendment of section 2 - Direct Tax Laws (Amendment) Act, 1987

128. Amendment of section 2. In section 2 of the Wealth-tax Act,- (i) clause (a) shall be omitted; (ii) clause (ca) shall be re-lettered as clause (cb) and before that clause as so re-lettered, the following clause shall be inserted, namely :- (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 functions conferred on or assigned to the Assessing Officer under that Act; , (iii) clauses (g). (gg), (hb), (k), (l) and (la) shall be omitted; (iv) for clause (h), the following clause shall be substituted, namely :- (h) company shall have the meaning assigned to it in clause (17) of section 2 of the Income-tax Act; ; (v) after clause (1b), the following clause shall be inserted, namely :- (1c) 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; ; (vi) in clause (q), clause (i) of the proviso shall be omitted; (vii) for clause (s), the following clause shall be substituted, namely :- (s) the expressions Chief Commissioner , Director General , Commissioner , Commissioner (Appeals) , Director , Deputy Commissioner , Deputy Commissioner (Appeals) , Assis- tant Commissioner , 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. .