The powers conferred under sub-clause (i) of clause (b) of sub-section (2) of section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely

The Gazette of India

EXTRAORDINARY

PART II-Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 2161 NEW DELHI, THURSDAY, FEBRUARY 28, 2002/PHALGUNA 9,1923667 GI/2002 (1) 2 THE GAZETTE OF INDIA: EXTRAORDINARY [PART II—SEC. 3(ii)l MINISTRY OF FINANCE

(Department of Revenue)

(CENTRAL BOARD OF DIRECT TAXES)

. NOTIFICATION

New Delhi, the 28th February, 2002

INCOME-TAX

S.0.255(E).—In exercise of the powers conferred under sub-clause (i) of clause (b) of sub-section (2) of section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:—

1. (1) These rules may be called the Income-tax (Third Amendment) Rules, 2002.

(2) They shall come into force on the 1st day of April, 2003.

2. In the Income-tax Rules, 1962, in rule 7A, for sub-rule (1), the following sub-rule shall be substituted, namely:—

"(1) Income derived from the sale of centrituged latex or cenex or latex based crepes (such as pale latex crepe) or brown crepes (such as" estate brown crepe, re-milled crepe, smoked blanket crepe or flat bark crepe) or technically specified block rubbers manufactured or processed from field latex or coagulum obtained from rubber plants grown by the seller in India shall be computed as if it were income derived from business, and thirty-five per cent, of such income shall be deemed to be income liable to tax.".

[Notification No. 52/2002/F. No. 149/305/2001-TPL]

RAHUL NAVIN, Under Secy.

Note :—The principal rules were published vide Notification No. S.0.969(E), dated the 26th March, 1962 and last amended vide Notification S.O. No. 151(E) dated 4-2-2002.