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<h1>Income-Tax Act, 1961 amended: Sub-section 178(6) now exempts Insolvency and Bankruptcy Code, 2016 from its application.</h1> In the amendment to the Income-Tax Act, 1961, specifically in sub-section (6) of section 178, the phrase 'except the provisions of the Insolvency and Bankruptcy Code, 2016' is added following the words 'for the time being in force.' This modification clarifies that the provisions of the Insolvency and Bankruptcy Code, 2016, are exempt from the application of this particular sub-section of the Income-Tax Act.