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of <h1>Amendment to Income-tax Act: Land Transfer Revenue Excluded from Land-Derived Income Retroactively Since April 1, 1970.</h1> In the Finance Act of 1989, an amendment to section 2 of the Income-tax Act was made, specifically addressing clause (1A). An explanation was added to clarify that revenue derived from land does not and has never included income arising from the transfer of land as specified in items (a) or (b) of sub-clause (iii) of clause (14). This clarification is effective retroactively from April 1, 1970, ensuring that such income is excluded from the definition of land-derived revenue for tax purposes.
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