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of <h1>Amendment to Section 33A: Leasehold Rights Now Considered Land Ownership, Retroactive Since Original Enactment</h1> In the Finance Act of 1975, an amendment to Section 33A of the Income-tax Act introduces an Explanation. This Explanation clarifies that for the purposes of this section, an assessee with a leasehold or other occupancy right in land is considered to own the land. Furthermore, if the assessee transfers this right, it is deemed as a sale or transfer of the land itself. This amendment is retroactively applicable, implying it has been in effect since the original enactment of the section.
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