Section 24 - Amendment of section 112A - Taxation Laws (Amendment) Act, 1970

24. Amendment of section 112A. In section 112A, of the Income-tax Act,- (a) for clauses (a) and (b), the following clauses shall be, and shall be deemed to have been, substituted with effect from the 1st day of April, 1968, namely:- (a) the amount of income-tax payable on the total income as reduced by the amount of such inclusion, had the total income so reduced been his total income; plus (b) the amount of income-tax calculated on the amount of such interest included in the total income at the average rate of income-tax which would have been applicable to the total income if the amount of such interest and the amount of compensation or other payment referred to in clause (ii) of section 28 and of the capital gains, if any, had not formed part of it. ; (b) Explanation 1 shall be, and shall be deemed to have been, omitted with effect from the 1st day of April, 1969.