Section 155 - Amendment of section 37B - Direct Tax Laws (Amendment) Act, 1987

155. Amendment of section 37B. In section 37B of the Wealth-tax Act,- (a) in sub-section (1), - (i) in clause (c), for the words any articles or things including money , the words any assets shall be substituted; (ii) for the words or Wealth-tax Officer , the words Assistant Commissioner or Income-tax Officer shall be substituted; : (iii) for clauses (i) and (ii), the words to deliver such books of account, other documents, or assets to the requisitioning officer shall be substituted; (b) in sub-section (2), for clauses (i) and (ii), the following shall be substituted, namely :- the officer or authority referred to in clause (a) or clause (b) or clause (c), as the case may be, of that sub-section shall deliver the books of account, other documents, or assets to the requisitioning officer either forthwith or when such officer or authority is of the opinion that it is no longer necessary to retain the same in his or its custody. ; (c) for sub-section (3), the following sub-section shall be substituted, namely :- (3) Where any books of account, other documents, or assets have been delivered to the requisitioning officer, the provisions of sub-sections (5) to (12) (both inclusive) of section 37A and section 37C shall, so far as may be, apply as if such books of account, other documents, or assets had been seized under sub-section (1) of section 37A by the requisitioning officer from the custody of the person referred to in clause (a) or clause (b) or clause (c) of sub-section (1) of this section and as if for the words the authorised officer occurring in sub-sections (5) to (12) aforesaid, the words the requisitioning officer were substituted. .