Finance Act, 1987

Repeal of section 362 (relief on profits from business of sea or air transport) of Income Tax Act, 1967.

23.—(1) Section 362 of the Income Tax Act, 1967 , is hereby repealed.

(2) Notwithstanding the repeal of section 362 of the Income Tax Act, 1967 , effected by subsection (1), where, prior to the commencement of this Act, an order has been made under that section, the arrangement to which the order relates shall have the force of law to the same extent as if this section had not been enacted.