Repeal of Income-tax Act preserves ongoing assessments and proceedings, saving elections, appointments, orders and recovery under corresponding provisions. The provision repeals the Income-tax Act, 1961 and provides transitional and saving measures preserving the validity and continuation of existing returns, assessments, appeals, notices, orders, appointments, agreements, elections and options by treating them as having effect under corresponding provisions of the Code where not inconsistent, while specifying when assessments, penalty proceedings, escaped income notices and certain deductions are to be governed by the Code and preserving prior meanings such as assessment year.