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of <h1>Section 52 Income-tax Act Amended: New Proviso for Government Transfers and Central Approval on Capital Asset Value</h1> In the Finance Act of 1975, Section 52 of the Income-tax Act is amended to include a proviso in sub-section (2), effective from April 1, 1974. This proviso specifies that the sub-section will not apply if the capital asset is transferred to the Government or if the full value of the consideration for the transfer is determined or approved by the Central Government or the Reserve Bank of India, provided the adequacy of this value is not contested by the assessee.
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