Section 2 - Amendment of section 2 of Act 43 of 1961 - Direct Taxes (Amendment) Act, 1964

2. Amendment of section 2 of Act 43 of 1961. In section 2 of the Income-tax Act, 1961, (43 of 1961) (hereinafter referred to as the Income-tax Act), in Explanation 2 to clause. (22), after the words date of liquidation , the following words shall be, and shall be deemed always to have been, inserted, namely: but shall not, where the liquidation is consequent on the compulsory acquisition of its undertaking by the Government or a corporation owned or controlled by the Government under any law for the time being in force, include any profits of the company prior to three successive previous years immediately preceding the previous year in which such acquisition took place .