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of <h1>Income-tax Act Section 80N amended: Expanded definition of 'assessee' and new application process for Board approval.</h1> Section 80N of the Income-tax Act is amended effective April 1, 1972. The term 'assessee being an Indian company' is replaced with 'assessee, being an Indian company or a person (other than a company) who is resident in India.' The phrase 'Central Government in this behalf before the 1st day of October of the relevant assessment year' is substituted with 'Board in this behalf.' New provisos state that applications for approval must be made to the Board before October 1 of the relevant assessment year, with exceptions for agreements approved by the Central Government before April 1, 1972. Pending applications will transfer to the Board.
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