# The Finance Act, 1992, Section 34: Amendment of section 55

- Act: The Finance Act, 1992 (Act 18 of 1992)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1992/section/34/

## Text

Amendment of section 55. 34. In section 55 of the Income-tax Act, with effect from the 1st day of April, 1993,— (a) in sub-section (7), in clause (b), in sub-clause (2) in item (i),- (i) for the figures "1974", the figures "1981" shall be substituted; (ii) the words "and the fair market value of the asset on that day is taken as the cost of acquisition at the option of the assessee," shall be omitted: (b) in sub-section (2), in clause (b), for the figures "1974", wherever they occur, the figures "1981" shall be substituted. [Finance Act, 1992] © Copyright. Taxmann Publications Pvt. Ltd.

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