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<h1>Income-tax Act Section 72 amended by Finance Act 1987; text in sub-section (1) removed, effective April 1, 1988.</h1> Section 72 of the Income-tax Act is amended by the Finance Act, 1987. In sub-section (1), the specific text starting with 'where the assessee' and concluding with 'of that section or' is removed. This amendment takes effect from April 1, 1988, impacting how certain provisions related to direct taxes are applied.