1. Inserted by the Finance Act, 1976, w. e. f. 1- 6- 1976.

2. Inserted by the Finance Act, 1986, w. e. f. 1- 4- 1987.

3. Prior to the omission, sub- section (2) read as under:" (2) When any building, machinery, plant or furniture to which clauses (ii) and (iii) of sub- section (2) of section 56 apply are sold, discarded, demolished or destroyed, the provisions of sub- section (2) of section 41 shall apply, so far as may be, in computing the income of an assessee under section 56 as they apply in computing the income of an assessee under the head" Profits and gains of business or profession"."

4. Prior to the omission, sub- section (3), as inserted by the Taxation Laws (Amendment) Act, 1970, w. e. f. 1- 4- 1971, read as under:" (3) Where any structure or work referred to in sub- section (1A) of section 32 in or in relation to a building to which clause (iii) of sub- section (2) of section 56 applies is sold, discarded, demolished or destroyed or is surrendered as a result of the determination of the lease or other right of occupancy in respect of the building, the provisions of sub- section (2A) of section 41 shall apply, so far as may be, in computing the income of an assessee under section 56 as they apply in computing the income of an assessee under the head" Profits and gains of business or profession"."

5. Prior to the omission, the Explanation read as under:" Explanation.- For the purpose of this section, the expression" sold" shall have the same meaning as in sub- section (1) of section 32."