Section 162 - Amendment of section 2 - Direct Tax Laws (Amendment) Act, 1987

162. Amendment of section 2. In section 2 of the Gift-tax Act, - (a) clause (i) shall be omitted; (b) after clause (iii), the following clause shall be inserted, namely :- (iiia) 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 gift-tax under section 7 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; ; (c) clauses (vi), (via), (viia), (xiii), (xv), (xvi), (xvia) and (xvii) shall be omitted; (d) for clause (vii), the following clause shall be substituted, namely :- (vii) the expressions company , Indian company and company in which the public are substantially interested shall have the meanings respectively assigned to them under section 2 of the Income-tax Act; ; (e) for clause (xi), the following clause shall be substituted, namely: - (xi) the expressions firm , partner and partnership shall have the meanings respectively assigned to them under section 2 of the Income-tax Act. ; (f) in clause (xx),- (i) sub-clause (b) shall be omitted; (ii) in the first proviso, the words, brackets and letter or sub-clause (b) shall be omitted; (iii) the second proviso shall be omitted; (g) after clause (xxiv), the following clause shall be inserted, namely :- (xxv) the expressions Chief Commissioner , Director General , Commissioner , Commissioner (Appeals) , Director , Deputy Commissioner , Deputy Commissioner (Appeals) , Assistant Commissioner , Income-tax Officer , Tax Recovery Officer and Inspector of Income-tax shall have the meanings respectively assigned to them under section 2 of the Income-tax Act. .