Section 112A

89. Prior to its omission, section 112A, as amended by the Finance Act, 1966, w.e.f. 1-4-1966, Finance (No. 2) Act, 1967, w.e.f. 1-4-1968, Taxation Laws (Amendment) Act, 1970, with retrospective effect from 1-4-1968/1969 and Finance Act, 1973, with restrospective effect from 1-4-1972, stood as under:

'Where the total income of an assessee, not being a company, includes any interest on National Savings Certificates (First Issue), the tax pavable by him on his total income shall be—

(a) the amount of income-tax payable on the total income as reduced by the amount of such inclusion, had the total income so reduced been his total income; plus

(b) the amount of income-tax calculated on the amount of such interest included in the total income at the average rate of income-tax which would have been applicable to the total income if the amount of such interest and the amount of compensation or other payment referred to in sub-clause (a) or sub-clause (b) or sub-clause (c) of clause (ii) of section 28 and of the capital gains, if any, had not formed part of it;

(c) [* * *]

Explanation 1 :[* * *]

Explanation 2 : For the purposes of this section and section 93], "National Savings Certificates (First Issue)" includes "National Savings Certificates (First Issue)"—Bank Series.'