Amendment of section 115JB

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....e deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of seven and one-half per cent." shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2001; (b) in sub-section (2), in the Explanation below the second proviso,- (i) in clause (b), after the ....

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....t year commencing on or after the 1st day of April, 1997 shall not be reduced from the book profit unless the book profit of such year has been increased by those reserves or provisions (out of which the said amount was withdrawn) under this Explanation or Explanation below the second proviso to section 115JA, as the case may be; or"; (iii) for clause (iii) and the Explanation, the following sh....