Section 4 - Amendment of section 10B - Income Tax (Second Amendment) Act, 1998

4. Amendment of section 10B. In section 10B of the Income-tax Act, (a) in sub-section (3). (i) for the word five , the word ten shall be substituted; (ii) the words falling within a period of eight years and specified by the assessee at his option shall be omitted; (iii) the proviso shall be omitted; (b) in the Explanation below sub-section (7) for clause (ii). the following clause shall be substituted, namely, (ii) relevant assessment years means the ten consecutive assessment years referred to in sub-section (3); .