2. In the Income-tax Act, 1961 (hereinafter referred to as the principal Act in this
Chapter), in section 2, in clause (19AA), after Explanation 4, the following Explanation
shall be inserted, with effect from the 1st day of April, 2017, namely:—
"Explanation 5.—For the purposes of this clause, the reconstruction or splitting
up of a company, which ceased to be a public sector company as a result of transfer of
43 of 1961. Amendment
of section 2.
EXTRAORDINARY
PART II — Section 1
PUBLISHED BY AUTHORITY
No. 56] NEW DELHI, THURSDAY, SEPTEMBER 8, 2016/BHADRA 17, 1938 (SAKA)
Separate paging is given to this Part in order that it may be filed as a separate compilation.
MINISTRY OF LAW AND JUSTICE
(Legislative Department)
New Delhi, the 8th September, 2016/Bhadra 17, 1938 (Saka)
The following Act of Parliament received the assent of the President on the
8th September, 2016, and is hereby published for general information:—
REGISTERED NO. DL—(N)04/0007/2003—16
Amendment
of First
Schedule.
51 of 1975.
its shares by the Central Government, into separate companies, shall be deemed to be
a demerger, if such reconstruction or splitting up has been made to give effect to any
condition attached to the said transfer of shares and also fulfils such other conditions
as may be notified by the Central Government in the Official Gazette.”.
3. In the principal Act, in section 80JJAA, in sub-section (2), in the Explanation, after
clause (ii), the following proviso shall be inserted, with effect from the 1st day of April, 2017,
namely:—
‘Provided that in the case of an assessee who is engaged in the business of
manufacturing of apparel, the provisions of sub-clause (c) shall have effect as if for the
words “two hundred and forty days”, the words “one hundred and fifty days” had
been substituted.’.