79. Section 181 and sub-heading "O.—Liability of State Governments" omitted by the Finance Act, 1988, w.e.f. 1-4-1989. Prior to its omission, section 181 as amended by the Finance Act, 1965, w.e.f. 1-4-1965, stood as under:
‘181. Interest on tax-free securities of a State Government.—Income-tax shall be payable by a State Government on the interest on any security issued by it tax-free at such rate not exceeding twenty-five per cent as may be notified by the Central Government in the Official Gazette from time to time.’