Statutory reference substitution in income tax provision updates foreign exchange law reference to the current regime. The amendment substitutes the Income-tax Act's existing cross-reference to the Foreign Exchange Regulation Act with a cross-reference to the corresponding provision in the Foreign Exchange Management Act, aligning the tax provision with the current foreign exchange legislative framework.
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Provisions expressly mentioned in the judgment/order text.
Statutory reference substitution in income tax provision updates foreign exchange law reference to the current regime.
The amendment substitutes the Income-tax Act's existing cross-reference to the Foreign Exchange Regulation Act with a cross-reference to the corresponding provision in the Foreign Exchange Management Act, aligning the tax provision with the current foreign exchange legislative framework.
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