Amendment of Act 43 of 1961

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....(1) or sub-section (2), no allowance shall be made in respect of so much of the expenditure in the nature of entertainment expenditure incurred by any assessee during any previous year which expires after the 30th day of September, 1967, as is in excess of the aggregate amount computed as hereunder: - (i) on the first Rs. 10,00,000 of the profits and gains of the business or profession (compute....

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....uring the previous year shall not exceed- (a) in the case of a company- (i) in respect of such expenditure incurred before the 1st day of October, 1967, the sum which bears to the aggregate amount computed at the rate or rates specified in sub-section (2), the same proportion as the number of days comprised in the period commencing on the first day of such previous year and endin....

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....regate amount computed at the rate or rates specified in this sub-section, the same proportion as the number of days comprised in the period commencing on the 1st day of October, 1967, and ending with the last day of the previous year bears to the total number of days in the previous year."; (ii) in sections 132A, 139, 201, 213 to 217, 220, 243 and 244, for the words "six per cent.", the ....

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.... (ii) The specified amount referred to in clause (i) of this Explanation shall be- (a) in a case where the total income (as computed without making any allowance under section 280O) exceeds fifteen thousand rupees but does not exceed twenty thousand rupees, an amount equal to one per cent. of the adjusted total income of the depositor; (b) in a case where the total incom....