Clause 34 - Amendment of section 56. - Finance Bill, 2016

Amendment of section 56. 34. In section 56 of the Income-tax Act, in sub-section (2), in clause (vii), in the second proviso occurring after sub-clause (c), with effect from the 1st day of April, 2017,- (a) in clause (g), for the word, figures and letters section 12AA , the words, figures and letters section 12AA; or shall be substituted; (b) after clause (g), the following clause shall be inserted, namely:- (h) by way of transaction not regarded as transfer under clause (vicb) or clause (vid) or clause (vii) of section 47. .