# The Finance Act, 1999, Section 48: Amendment of section 80HHE

- Act: The Finance Act, 1999
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1999/section/48/

## Text

Amendment of section 80HHE. 48. In section 80HHE of the Income-tax Act, in sub-section (2), with effect from the 1st day of June, 1999,— (a ) for the portion beginning with the words "where the Commissioner" and ending with the words "may allow in this be­half", the words "within such further period as the competent authority may allow in this behalf" shall be substituted; (b ) the Explanation shall be numbered as Explanation 1 thereof and after Explanation 1 as so numbered, the following Explanation shall be inserted, namely:— ‘ Explanation 2.—For the purposes of this sub-section, the ex­pression "competent authority" means the Reserve Bank of India or such other authority as is authorised under any law for the time being in force for regulating payments and dealings in foreign exchange.’. © Copyright. Taxmann Publications Pvt. Ltd.

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