Section 27 - Amendment of Section 230A - Finance (No. 2) Act, 1971

27. Amendment of Section 230A In section 230A of the Income-tax Act, with effect from the 1st day of October, 1971, - (a) in sub-section (1), - (i) the brackets and words (other than agricultural land) shall be omitted; (ii) in clause (a), for the words and figures and the Gift-tax Act, 1958 (18 of 1958) , the words, figures and brackets the Gift-tax Act, 1958 (18 of 1958), the Super Profits Tax Act, 1963 (14 of 1963), and the Companies (Profits) Surtax Act, 1964 (7 of 1964) shall be substituted; (b) after sub-section (2), the following sub-section shall be inserted, namely :- (3) The provisions of sub-section (1) shall not apply in a case where the person referred to in that sub-section is any such institution, association or body, or belongs to any such class of institutions, associations or bodies, as the Boards may, for reasons to be recorded in writing, notify in this behalf in the Official Gazette. .