- In section 132B of the Income-tax Act, in sub-section (1), in clause (i), with effect from the 1st day of June, 2015, for the words "deemed to be in default, may be recovered out of such assets" occurring at the end, the words, brackets, figures and letter "deemed to be in default, or the amount of liability arising on an application made before the Settlement Commission under sub-section (1) of section 245C, may be recovered out of such assets" shall be substituted.
