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of <h1>Finance Act 1978 Amends Section 155 of Income-tax Act: New Rules on Capital Gains & Compensation Adjustments.</h1> The Finance Act of 1978 amends Section 155 of the Income-tax Act, introducing several new sub-sections effective from April 1, 1974. These amendments address the recomputation of capital gains when compensation or consideration for the compulsory acquisition of capital assets is enhanced by a court or authority. The revised provisions allow for the exclusion of certain capital gains from tax if the assessee invests in specified assets or property within designated timeframes. The amendments apply to sections 54, 54B, 54D, and 54E, and include definitions for 'additional compensation' and 'additional consideration.' The amendments also specify a four-year period for making necessary assessment adjustments.
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