Section 144 - Amendment of section 21A - Direct Tax Laws (Amendment) Act, 1987

144. Amendment of section 21A. In section 21A of the Wealth-tax Act,- (a) in clause (i), for the words, brackets and figures any person referred to in sub-section (3) of section 13 of the Income-tax Act , the words any interested person, shall be substituted; (b) in clause (ii), for the words, brackets and figures any person referred to in sub-section (3) of section 13 of the said Act, or , the words any interested person, shall be substituted; (c) clause (iii) shall be omitted; (d) in the first proviso, for the words, brackets and figures any person referred to in sub-section (3) of section 13 of the Income-tax Act , the words any interested person shall be substituted; (e) in the second proviso,- (i) for the words, brackets and figures any person referred to in sub-section (3) of section 13 of the Income-tax Act has a substantial interest as provided in Explanation 3 to that section , the words, figures, brackets and letter any interested person has a substantial interest as provided in Explanation 3 below sub- section (4) of section 80F of the Income-tax Act shall be substituted; (ii) for the words, brackets and figure any person referred to in the aforesaid sub-section (3) , the words any interested person shall be substituted; (f) in the third proviso,- (i) for clause (a), the following clause shall be substituted, namely :- (a) in the case of any trust or institution of national importance notified under clause (d) of sub-section (1) of section 80F of the Income-tax Act, - (i) the provisions of clause (i) and clause (it) shall not apply; and (ii) the other provisions of this section shall apply with the modification that for the words at the maximum marginal rate , the words and figures at the rates specified in Part I of Schedule I in the case of an individual shall be substituted; ; (ii) in clause (b). for the words, brackets and figures clauses (i) to (iii) , the words, brackets and figures clauses (i) and (it) shall be substituted; (g) in the Explanation, for clauses (a) and (aa), the following clauses shall be substituted, namely :- (a) the expression Interested person shall have the meaning assigned to it in clause (a) of Explanation 1 below sub-section (4) of section 80F of the Income-tax Act; (ab) any part of the property or income of a trust shall be deemed to have been used or applied for the benefit of any in- terested person in every case in which it can be so deemed to have been used or applied within the meaning of clause (c) of sub-section (3) of section 80F of the Income-tax Act at any time during the period of twelve months ending with the relevant valuation date; .