31x10.50x16" or 15"?
40 is the MAX pressure that your tire is rated for the load shown by that rating. That is all.
You say you have a 9" lift, so I am guessing you have a Samurai.ÂÂ
According to Oasis Off Road, and their tire deflation guide, with those tires, you would be good between 8 and 9 psi for off road pressure.
Give it a try and see how it feels, you are a little high at 9 inches, so you might think it's a bit mushy or tippy.. but the tires will be fine at that pressure, ALL TIRES ARE DIFFERENT. That is just a starting point, you might find you squat your tires a bit too much that low.. but probably not...
NOW, do you actually run 40 on the road?? I bet it rides rough... lol.. I wouldn't think you would need more than 20 with your setup.