Amendment of section 2.

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....e deemed to have been inserted with effect from the 1st day of April, 1962, namely:-                 'Explanation.-For the removal of doubts, it is hereby clarified that "property" includes and shall be deemed to have always included any rights in or in relation to an Indian company, including rights of management or con....

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....lanation 1 as so numbered, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1962, namely:-                 'Explanation 2.-For the removal of doubts, it is hereby clarified that "transfer" includes and shall be deemed to have always included disp....

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....1962 and will, accordingly, apply in relation to the assessment year 1962-1963 and subsequent assessment years. It is further proposed to amend clause (16) of the aforesaid section 2 so as to include the Director of Income-tax in the definition of the Commissioner. This amendment will take effect retrospectively from 1st April, 1988. It is also proposed to amend sub-clause (iv) of clause ....