Section 20 - Amendment of Section 80N - Finance (No. 2) Act, 1971

20. Amendment of Section 80N In section 80N of the Income-tax Act, with effect from the 1st day of April, 1972, - (a) for the words assessee being an Indian company , the words and brackets assessee, being an Indian company or a person (other than a company) who is resident in India, shall be substituted; (b) for the words, figure and letters Central Government in this behalf before the 1st day of October of the relevant assessment year , the words Board in this behalf shall be substituted; (c) the following provisos shall be inserted at the end, namely :- Provided that the application for such approval is made to the Board before the 1st day of October of the relevant assessment year : Provided further that the approval of the Board shall not be necessary in the case of any such agreement which has been approved for the purposes of the deduction under this section by the Central Government before the 1st day of April, 1972, and every application for such approval of any such agreement pending with the Central Government immediately before that day shall stand transferred to the Board for disposal. .