Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Income tax repeal and transitional rules preserve prior proceedings, elections, carry-forwards and recovery under the new Act.</h1> Section 536 provides that the earlier income-tax statute is repealed while preserving prior legal effects by savings and transitional provisions. It preserves the validity of past acts, rights, liabilities, pending proceedings and penalties under the repealed law and requires those proceedings (including notices, assessments, appeals and penalties) to continue under the old procedure for tax years beginning before 1 April 2026. It preserves elections and declarations as deemed made under corresponding provisions of the new Act, permits recovery of amounts due, preserves notified schemes, carries forward specified losses, credits and allowances into the new Act, and applies the General Clauses Act for repeal effects.
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