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Proviso omitted by Finance Act, 1996. It was earlier inserted by
Finance Act, 1995. The amendment was earlier made by Income Tax (Fourth Amendment)
Ordinance, 1994, dated October 16, 1994, Income Tax (Second Amendment) Ordinance, 1995
dated February 23, 1995, w.e.f. February 16, 1995 and Income Tax (Fifth Amendment)
Ordinance, 1995 dated May 31, 1995. The Income Tax (Fourth Amendment) Ordinance, 1994
lapsed on February 15, 1995 and the CBR immediately issued Circular No. 1 of 1995 that the
proviso to section 129(2) has become inoperative. The President issued another Ordinance,
the Income Tax (Second Amendment) Ordinance, 1995 on February 23, 1995 with retrospective
effect from February 16, 1995. After another 4 months the Income Tax (Fifth Amendment)
Ordinance was issued on May 31, 1995. Anyhow after amendment by Finance Act, the proviso
became a part of the Ordinance before deletion.
