Section 70 - Amendment of section 18B - Direct Tax Laws (Amendment) Act, 1989

70. Amendment of section 18B. In section 18B of the Wealth-tax Act,- (a) in sub-section (1),- (i) clause (i) shall be omitted; (ii) clause (a) shall be omitted; (b) after sub-section (5), the following sub-section shall be inserted, namely :- (6) The provisions of this section as they stood immediately before their amendment by the Direct Tax Laws (Amendment) Act, 1989, shall apply to and in relation to any assessment for the assessment year commencing on the 1st day of April, 1988, or any earlier assessment year, and references in this section to the other provisions of this Act shall be construed as references to those provisions as for the time being in force and applicable to the relevant assessment year. .