# The Finance Act, 1998, Section 4: Amendment of section 2

- Act: The Finance Act, 1998
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1998/section/4/

## Text

Amendment of section 2. 4. In section 2 of the Income-tax Act,— (a ) in clause (7A) with effect from the 1st day of October, 1998,— (i) for the words "Assistant Commissioner or Assistant Director", the words "Assistant Commissioner or Deputy Commis­sioner or Assistant Director or Deputy Director" shall be substi­tuted; (ii) for the words "Deputy Commissioner or Deputy Director", the words "Joint Commissioner or Joint Director" shall be substi­tuted; (b ) in clause (9A), after the words "an Assistant Commis­sioner of Income-tax", the words "or a Deputy Commissioner of Income-tax" shall be inserted with effect from the 1st day of October, 1998; (c ) for clause (11), the following clause shall be substi­tuted with effect from the 1st day of April, 1999, namely :— ‘( 11) "block of assets" means a group of assets falling within a class of assets comprising— (a) tangible assets, being buildings, machinery, plant or furnitures; (b) intangible assets, being know-how, patents, copyrights, trade-marks, licences, franchises or any other business or com­mercial rights of similar nature, in respect of which the same percentage of depreciation is pre­scribed;’; (d ) in clause (19A), the words "or an Additional Commissioner of Income-tax" shall be omitted with effect from the 1st day of October, 1998; (e ) in clause (19C), the words "or an Additional Director of Income-tax" shall be omitted with effect from the 1st day of October, 1998; (f ) after clause (28B), the following clauses shall be inserted with effect from the 1st day of October, 1998, namely :— ‘(28C) "Joint Commissioner" means a person appointed to be a joint Commissioner of Income-tax or an Additional Commissioner of Income-tax under sub-section (1) of section 117; (28D) "Joint Director" means a person appointed to be a Joint Director of Income-tax or an Additional Director of Income-tax under sub-section (1) of section 117;’; © Copyright. Taxmann Publications Pvt. Ltd.

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