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of <h1>Finance Act 1997 Expands Income-tax Act Section 55 to Include Manufacturing Rights Effective April 1, 1998</h1> The Finance Act of 1997 amends section 55 of the Income-tax Act, effective April 1, 1998. The amendment involves two changes: in sub-section (1), clause (b), sub-clause (1), the phrase 'or a right to manufacture, produce or process any article or thing' is added after 'goodwill of a business.' Similarly, in sub-section (2), clause (a), the same phrase is inserted following 'being goodwill of a business.' These changes expand the scope of section 55 to include rights related to manufacturing, production, or processing activities.
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