Section 2 - Amendment of section 2 - Taxation Laws (Amendment) Act, 1970

CHAPTER II AMENDMENTS TO THE INCOME-TAX ACT, 1961 2. Amendment of section 2. In section 2 of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the Income-tax Act), in clause (1),- (i) for sub-clause (a), the following sub-clause shall be, and shall be deemed always to have been, substituted, namely:- (a) any rent or revenue derived from land which is situated in India and is used for agricultural purposes; ; (ii) in sub-clause (c), for the proviso, the following proviso shall be, and shall be deemed always to have been, substituted, namely:- Provided that- (i) the building is on or in the immediate vicinity of the land, and is a building which the receiver of the rent or revenue or the cultivator, or the receiver of rent-in-kind, by reason of his connection with the land, requires as a dwelling house, or as a store-house, or other out-building, and (ii) the land is either assessed to land revenue in India or is subject to a local rate assessed and collected by officers of the Government as such or where the land is not so assessed to land revenue or subject to a local rate, it is not situated (A) in any area which is comprised within the jurisdiction of a municipality (whether known as a municipality, municipal corporation, notified area committee, town area committee, town committee or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census of which the relevant figures have been published before the first day of the previous year; or (B) in any area within such distance, not being more than eight kilometres, from the local limits of any municipality or cantonment board referred to in item (A), as the Central Government may, having regard to the extent of, and scope for, urbanisation of that area and other relevant considerations, specify in this behalf by notification in the Official Gazette; .