Section 16 - Amendment of section 54E - Taxation Laws (Amendment) Act, 1984

16. Amendment of section 54E. In section 54E of the Income-tax Act, in sub-section (1), after the proviso and before Explanation 1, the following proviso shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1984, namely: Provided further that in a case where the transfer of the original asset is by way of compulsory acquisition under any law and the full amount of compensation awarded for such acquisition is not received by the assessee on the date of such transfer, the period of six months referred to in this sub-section shall, in relation to so much of such compensation as is not received on the date of the transfer, be reckoned from the date immediately following the date on which such compensation is received by the assessee. .