Amendment of section 2

Section 4 of the Finance Act, 1966 deals with amendment of section 2. CHAPTER III AMENDMENTS TO THE INCOME-TAX ACT Amendment of section 2 4. The Act was enacted on 13 May 1966.

CHAPTER III

AMENDMENTS TO THE INCOME-TAX ACT

Amendment of section 2

4. In section 2 of the Income-tax Act,—

(a) in clause (18),—

(i) in sub-clause (b), for the words "if it is not a private company", the words "if it is a company which is not a private company" shall be substituted ;

(ii) in Explanation 2, for the words "consists wholly", the words "consists mainly in the construction of ships or" shall be substituted ;

(b) in clause (22), in sub-clause (ia), after the words figures and letters "the 31st day of March, 1964", the words, figures and letters "and before the 1st day of April, 1965" shall be inserted ;

(c) in clause (42A), after the words "the date of its transfer", the following shall be inserted, namely: —

"but does not include a capital asset, being a certificate issued by an authorised dealer as defined in clause (ai) of section 2 of the Foreign Exchange Regulation Act, 1947 (7 of 1947), as evidence of the remittance of foreign currency or other foreign exchange [as defined respectively in clause (c) and clause (d) of the said section] to India from a country outside India in accordance with the provisions of the said Act and any rules made thereunder, during the period commencing on the 26th day of October, 1965 and ending on the 28th day of February, 1966, or such later date as the Central Government may, by notification in the Official Gazette, specify in this behalf, notwithstanding that such capital asset has been held by the assessee for not more than twelve months immediately preceding the date of its transfer".

[Finance Act, 1966]

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Section 4, The Finance Act, 1966 (Act 13 of 1966).