Section 14 - Amendment of section 44AB - Finance Act, 1988

14. Amendment of section 44AB In section 44AB of the Income-tax Act, with effect from the 1st day of April, 1989, - (a) in clause (a) and (b), the words, figures and letters or years relevant to the assessment year commencing on the 1st day of April, 1985, or any subsequent assessment year shall be omitted; (b) for the words such previous year or years , the words such previous year shall be substituted; (c) in the Explanation, for clause (ii), the following clause shall be substituted, namely :- (ii) specified date , in relation to the accounts of the previous year relevant to an assessment year means, - (a) where the assessee is a company, the 31st day of December of the assessment year; (b) in any other case, the 31st day of October of the assessment year. .