Section 122 - Substitution of new section for section 296 - Direct Tax Laws (Amendment) Act, 1987

122. Substitution of new section for section 296. For section 296 of the Income-tax Act, the following section shall be substituted, namely :- 296. Rules to be laid before Parliament. The Central Government shall cause every rule made under this Act to be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions afore- said, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. .