Section 15 - Amendment of section 59 - Taxation Laws (Amendment) Act, 1970

15. Amendment of section 59. In section 59 of the Income-tax Act, before the Explanation, the following sub-section shall be inserted, namely:- (3) Where any structure or work referred to in sub-section (1A) of section 32 in or in relation to a building to which clause (iii) of sub-section (2) of section 56 applies is sold, discarded, demolished or destroyed or is surrendered as a result of the determination of the lease or other right of occupancy in respect of the building, the pro- visions of sub-section (2A) of section 41 shall apply, so far as may be, in computing the income of an assessee under section 56 as they apply in computing the income of an assessee under the head Profits and gains of business or profession . .