Amendment of section 4 of LX of 1958

In section 4 of the principal Act,— (a) in sub-section (1),- (i) after the word “sale,” the word “lease,” shall be inserted ; (ii) after the words “development agreement,” where it occurs for the second time, the word “lease,” shall be inserted ; (b) in the marginal note, after the word “sale,” the word “lease,” shall be inserted. In SCHEDULE I of the principal Act, in Article 1, in clause (1),— (i) in sub-clause (c), in column (1), the word “and” shall be deleted ; (ii) for sub-clause (d), the following sub-clauses shall be substituted, namely :– “(d) exceeds rupees 10,000 Fifty rupees. but is less than rupees 10,00,000; and (e) is rupees 10,00,000 and One Hundred rupees.”. In Schedule I appended to the principal Act, in article 25, in clause (da), in column (1), for the portion beginning with the brackets, letters and words “ (da) if relating to the order of High Court ” and ending with the words and figures "Banking Regulation Act, 1949’’, the following portion shall be substituted, namely :— “ (da) if relating to the order of the High Court under section 394 of the Companies Act, 1956 or the order of the National Company Law Tribunal under sections 230 to 234 of the Companies Act, 2013 or confirmation issued by the Central Government under sub-section (3) of section 233 of the Companies Act, 2013 in respect of the amalgamation, merger, demerger, arrangement or reconstruction of companies (including subsidiaries of parent company) or order of the Reserve Bank of India under section 44A of the Banking Regulation Act, 1949 in respect of amalgamation or reconstruction of Banking Companies.”. In section 39 of the principal Act, in sub- section (1), in clause (b),— (i) before the first proviso, the following shall be inserted, namely :– “Provided that, duty for which reduction or remission is granted by the Government under clause (a) of section 9 under any prevailing policy shall not be treated as deficient portion of duty for the purposes of calculation of penalty, if the beneficiary of such reduction or remission in duty surrenders or forgoes or has surrendered or forgone such benefit with prior approval or with no objection from the Government :”; (ii) in the first proviso, for the words “Provided that” the words “Provided further that” shall be substituted ; (iii) in the second proviso, for the words “Provided further that” the words “Provided also that” shall be substituted. In section 39 of the principal Act, in sub- section (1), in clause (b),— (i) before the first proviso, the following shall be inserted, namely :– “Provided that, duty for which reduction or remission is granted by the Government under clause (a) of section 9 under any prevailing policy shall not be treated as deficient portion of duty for the purposes of calculation of penalty, if the beneficiary of such reduction or remission in duty surrenders or forgoes or has surrendered or forgone such benefit with prior approval or with no objection from the Government :”; (ii) in the first proviso, for the words “Provided that” the words “Provided further that” shall be substituted ; (iii) in the second proviso, for the words “Provided further that” the words “Provided also that” shall be substituted.