Amendment of section 115JB.

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....ssessee," and ending with the words and figures "the Companies Act, 1956:", (1 of 1956.) the following shall be substituted, namely:-       "Every assessee,-            (a) being a company, other than a company referred to in clause (b), shall, for the purposes of this section, prepare its profit and loss account for ....

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....following shall be substituted, namely:-                 "(j) the amount standing in revaluation reserve relating to revalued asset on the retirement or disposal of such asset, if any amount referred to in clauses (a) to (i) is debited to the profit and loss account or if any amount referred to in clause (j) is not cr....

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.... previous year in accordance with the provisions of Part II of Schedule VI to the Companies Act, 1956; or (b) being a company, to which the proviso to sub-section (2) of section 211 of the Companies Act, 1956 is applicable, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of the Act governing such compa....