Income Tax Act, 1967.

Commencement of sections 550 and 551.

552.—(1) Sections 550 and 551 extend to assessments notwithstanding that they were made before the commencement of this Act or were made for years of assessment before the year 1967-68, and, in relation to any assessments made before the commencement of this Act, shall be deemed always to have had effect:

Provided that interest shall not be deemed to have begun to run under the said sections from any date before the 1st day of January, 1963.

(2) Sections 550 and 551 and subsection (1) of this section shall, in relation to assessments to income tax or sur-tax have effect and be deemed always to have had effect instead of the provisions of section 14 of the Finance Act, 1962 :

Provided that anything done under or by virtue of the said section 14 in relation to assessments to income tax or sur-tax shall be deemed to have been done under or by virtue of the corresponding provisions of sections 550 and 551, and references in any document to the said section 14 or any provision of that section shall, in relation to assessments to income tax or sur-tax be construed accordingly as references to the corresponding provisions of the said sections 550 and 551.