Substitution of New Sections for Sections 114 and 115

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....an companies. Where the total income of an assessee, not being a company, includes any income chargeable under the head 'Capital gains', the tax payable by him on his total income shall be (a) the amount of income tax and super tax payable on the total income as reduced by the amount of such inclusion and by the amount of compensation or other payment, if any, referred to in clause (ii) o....

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....f income tax and the average rate of super tax respectively, which would have been applicable to the total income, if the net capital gains, if any, relating to short term capital assets and the amount of compensation or other payment aforesaid, if any, had not formed part of it; or the amount of income tax calculated at the rate of 25 per cent. on the amount of the net capital gains relating to c....