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<h1>Amendment to Section 33AC of Income-tax Act: 'Such sale proceeds' revised for clarity, effective retroactively from April 1, 2004.</h1> Section 33AC of the Income-tax Act was amended by the Finance Act, 2005. In subsection (4), the phrase 'such sale proceeds' was replaced with 'so much of such sale proceeds which represent the amount credited to the reserve account and utilised for the purposes mentioned in clause (c) of subsection (3).' This amendment is retroactively effective from April 1, 2004.