60. Power to make exemption, etc.—[(1)] The [Central Government] may, by notification in the [Official Gazette], make an exemption, reduction in rate or other modification, in respect of income-tax in favour of any class of income, or in regard to the whole or any part of the income of any class of persons.[(2) Where, by reason of any portion of an assessee's salary being paid in arrears or in advance, [or by reason of his having received in any one financial year salary for more than twelve months] [or a payment which is under the provisions of sub-section (1) of section 7 a profit in lieu of salary], his income is assessed at a rate higher than that at which it would otherwise have been assessed, the [Central Government] may grant [the appropriate relief].][(3) After the commencement of the Indian Income-tax (Amendment) Act, 1939 (VII of 1939), the power conferred by sub-section (1) shall not be exercisable except for the purpose of rescinding an exemption, reduction or modification already made.]
Inserted by s. 10, Indian I.T. (Second Amendment) Act, 1930. Substituted for "Governor General in Council" by Government of India (Adaptation of Indian Laws) Order, 1937. Substituted for "Gazette of India", Government of India (Adaptation of Indian Laws) Order, 1937. Inserted by s. 10, Indian I.T. (Second Amendment) Act, 1930. Inserted by s. 27, Indian I.T. (Second Amendment) Act, 1933. Inserted by s. 78, Indian I.T. (Amendment) Act, 1939. Substituted for "Governor General in Council" by Government of India (Adaptation of Indian Laws) Order, 1937. Substituted for "such relief as it may think fit" by s. 78, Indian I.T. (Amendment) Act, 1939. Inserted, s. 78, Indian I.T. (Amendment) Act, 1939.
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