eCourtsIndia
IndiaCode Laws
Section3
The Finance Act, 1989

Amendment of section 2

In force Act 13 of 1989 As on 14 Oct 2026

Act 13 of 1989 Ministry Finance

Section 3 of the Finance Act, 1989 deals with amendment of section 2. CHAPTER III DIRECT TAXES Income-tax Amendment of section 2 3.

CHAPTER III

DIRECT TAXES

Income-tax

Amendment of section 2

3. In section 2 of the Income-tax Act [as amended by section 3 of the Direct Tax Laws (Amendment) Act, 1987 (4 of 1988)], in clause (1A), the following Explanation shall be inserted at the end and shall be deemed to have been inserted with effect from the 1st day of April, 1970, namely: —

"Explanation.—For the removal of doubts, it is hereby declared that revenue derived from land shall not include and shall be deemed never to have included any income arising from the transfer of any land referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of this section;".

[Finance Act, 1989]

© Copyright. Taxmann Publications Pvt. Ltd.

Section 3, The Finance Act, 1989 (Act 13 of 1989).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 2 Income-tax
  2. Income-tax Act s. 2 Definitions

Questions about Section 3

What does Section 3 of the Finance Act deal with?

Section 3 of the Finance Act is headed "Amendment of section 2". CHAPTER III DIRECT TAXES Income-tax Amendment of section 2 3.

How do I find court cases under Section 3 of the Finance Act?

In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1989 3, section 3 Finance Act 1989, section 3 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.

What should I read with Section 3 of the Finance Act, and has it changed?

Its own text turns on section 2 (Income-tax), Income-tax Act 2 (Definitions), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 1989 as Act 13 of 1989. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.