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of <h1>Income-tax Act Section 55 Amended: Year '1974' Changed to '1981' and Fair Market Value Option Removed.</h1> Section 55 of the Income-tax Act is amended effective April 1, 1993, by the Finance Act, 1992. In sub-section (1), clause (b), sub-clause (2), item (i), the year '1974' is replaced with '1981,' and the phrase regarding the fair market value of the asset as the cost of acquisition at the assessee's option is removed. In sub-section (2), clause (b), the year '1974' is also replaced with '1981' wherever it appears.
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