The Taxation Laws (Amendment) Act, 1975--Explanatory notes on the provisions coming into force with effect from 1st January, 1976. - Income Tax - 197/1976

The Taxation Laws (Amendment) Act, 1975--Explanatory notes on the provisions coming into force with effect from 1st January, 1976. Circular No. 197 Dated 17/4/1976 Introduction In respect of the provisions of the Taxation Laws (Amendment) Act, 1975 (hereinafter referred to as the Amending Act), which came into force with effect from 1st October, 1975, explanatory notes were issued under Circular No.179 [1976] 102 ITR (St.) 9 (Part I) dated the 30th September, 1975. In accordance with the Central Government's Notification No. S.O. 475(E) [1975] 101 ITR (St.) 25 dated 5th September, 1975, as modified by the subsequent notification No. S.O. 732(E) [1976] 102 ITR (St.) 47 dated 26th December, 1975, the following provisions of the said Act came into force with effect from 1st January, 1976:-- "Section 45, section 47 [except in so far as it relates to clauses (iii) and (v) of Explanation 1 to section 153 of the Income-tax Act, 1961 (43 of 1961)] and section 90 [except in so far as it relates to clause (iii) of Explanation 1 to section 17A of the Wealth-tax Act, 1957 (27 of 1957)]'.