Saving clause preserves actions under the prior tax ordinance as effective under corresponding provisions of amended tax laws. The Taxation Laws (Amendment) Ordinance, 2003 is repealed, but any act, decision or proceeding taken under the Income-tax Act, the Wealth-tax Act and the Expenditure-tax Act as amended by that Ordinance shall be deemed to have been done under the corresponding provisions of those Acts as amended by this Act, serving as a saving clause and transitional deeming provision.