Section 17 - Amendment of section 46 - Direct Taxes (Amendment) Act, 1974

CHAPTER III AMENDMENT TO THE WEALTH-TAX ACT, 1957 17. Amendment of section 46. In section 46 of the Wealth-tax Act, 1957 (27 of 1957) (hereinafter referred to as the Wealth-tax Act), for sub-section (3), the following sub-section shall be substituted, namely: - (3) The power to make rules conferred by this section shall include the power to give retrospective effect, from a date not earlier than the date of commencement of this Act, to the rules or any of them and, unless the contrary is permitted (whether expressly or by necessary implication), no retrospective effect shall be given to any rule so as to prejudicially affect the interests of assessees.