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<h1>Lawmakers Revise Income Tax Act Section 275, Retroactively Validating Penalty Provisions from Pre-1989 Period</h1> The amendment modifies section 275 of the Income-tax Act by renumbering the existing provision as subsection (1) and inserting a new subsection (2). The new subsection retroactively applies the previous version of the section to penalty actions initiated on or before March 31, 1989, effectively preserving the prior legal framework for penalty imposition during that specific period.