Amendment of Section 55
In section 55 of the Income-tax Act, in sub-section (2), with effect from the 1st day of April, 2004,--
(a) in clause (ab), for the word "corporatisation", the words "demutualisation or corporatisation" shall be substituted;
(b) after clause (ab), the following proviso shall be inserted, namely:--
"Provided that the cost of a capital asset, being trading or clearing rights of the recognised stock exchange acquired by a shareholder who has been allotted equity share or shares under such scheme of demutualisation or corporatisation, shall be deemed to be nil;".