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Introducing the βIn Favour Ofβ filter in Case Laws.
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<h1>Income-tax Act Section 55 Amended: References to 'Section 49' Updated to 'Sub-section (1) of Section 49'</h1> Section 55 of the Income-tax Act has been amended by the Finance (No. 2) Act, 1967. Specifically, in clause (b)(ii) of sub-section (1) and clause (ii) of sub-section (2), the references to 'section 49' have been revised to 'sub-section (1) of section 49.' These changes clarify the specific subsection being referred to within the legislation.