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of <h1>Income-tax Act Section 155 Amended: New Rules for Capital Gains Exclusion on Land Purchases and Reinvestments</h1> Section 155 of the Income-tax Act is amended to include two new sub-sections. Sub-section (9), effective from April 1, 1970, allows for the exclusion of capital gains from tax if the assessee purchases agricultural land within two years of transferring a capital asset under section 54B. Sub-section (10), effective from April 1, 1974, allows for the exclusion of capital gains from tax if the assessee reinvests in land, buildings, or constructs a building within three years of a compulsory acquisition under section 54D for industrial purposes. Both amendments permit the Income-tax Officer to amend assessments accordingly.
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